Steven Kwan steals second
Kipyegon's 4-minute mile bid backed by Nike to win back women runners
STORY: Nike is hoping its effort to help Olympic champion Faith Kipyegon run a mile in under four minutes will recapture the attention of women.Female consumers have been looking elsewhere for running shoes and clothes, leading to what one former Nike manager called an "obsession" with winning them back since at least 2021.Kenyan athlete Kipyegon's attempt, branded "Breaking4," is set for Thursday in Paris, as part of new CEO Elliott Hill's efforts to pull Nike out of a sales slump and improve its image.From 2021 to 2024, Nike's share of the global sports footwear market dropped almost 3 points to 26.3%, according to Euromonitor International, as consumers defected to smaller, newer brands.Nike's popularity has slipped with women in particular, seeing sales of Nike Women products grow just 4.4% over that three-year period, while Nike Men sales grew 13.5%.Nike's Chief Innovation Officer John Hoke told Reuters the company is doubling its investment in research on women athletes' anatomy and biodynamics versus 18 months ago.Kipyegon will wear new track spikes lighter than those she wore to win the 1,500-meter gold at the Olympics last year... as well as a running suit with 3D-printed beads to minimize friction and a 3D-printed sports bra Nike says is more breathable than anything on the market.Nike is putting its marketing emphasis on the bra, in development for more than two years, which it plans to bring to market commercially by 2028, Hoke said.But as it tries to regain credibility with women, it starts at a deficit.The company recently agreed to settle a 2018 lawsuit from female employees alleging discrimination.And a partnership with Kim Kardashian-owned Skims has drawn criticism by some former employees for an emphasis to make women "feel strong and sexy."Any record Kipyegon sets on Thursday would be unofficial, as she will have pacers and won't be in an official competition.And running experts are skeptical she can break a four-minute mile, which would require shaving 3.1% off her previous record.
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Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
