Has Nike lost its magic?

For decades, Nike was the sports brand - a global symbol of winning. One estimate suggests it sells 26 pairs of shoes every second. Elite athletes wore it as they chased titles, while millions of children wore it as they dreamed of sporting glory. But as competition intensified and consumer tastes changed, the company that once dominated the market began to lose momentum. This year alone, Nike's stock market value has fallen by around 35%. So what went wrong? And can Nike find a way back to winning?

Presenter: Rahul Tandon, Michelle Fleury and Will Bain Producer: Rebecca Smyllie Editor: Stephen Ryan

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(Photo: Shoppers walk past a Nike store in the King of Prussia Mall in Pennsylvania, US, 3 April, 2025. A giant Nike tick is displayed in the window. Credit: Rachel Wisniewski/Reuters)