Nike brought back a 32-year veteran to save the $60B brand. Two years later, its turnaround is still a ‘long, hard slog’

Nike reclaimed its storied CEO, Elliott Hill, after two years to rescue the $60 billion brand. Employees celebrated his return, and Wall Street rejoiced with a 8% stock increase. However, Hill's turnaround has proven to be a lengthy struggle. While wholesale has rebounded and running shows renewed strength, investors remain skeptical and Nike shares have fallen to half their 52-week high.

Success in one area is being overshadowed by weakness in others, such as digital sales, struggling stores, and the China business. The company's latest results show that Hill's early progress hasn't significantly altered the company's trajectory. Nike's newest challenge lies in finding significant new growth, as the turnaround's success remains uncertain, leaving the brand vulnerable to losing its dominant position in the market.