Once the global sportswear market leader, Nike faces some serious challenges: 8% decline in sales and increased competition from up-and-coming brands Hoka and On Running. The company’s market capitalization has decreased by 20%, wiping out $28 billion in capitalization. The key issues involve a flawed direct-to-consumer strategy, excess inventory, and a lack of innovation in product lines. Under new CEO Elliott Hill, Nike will reposition its brand by reconnecting with sports-centric marketing, reinforcing wholesale partnerships, and focusing on innovative products. Strategic changes are to help Nike regain its iconic status and win back investor confidence.