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After ending a 27-year ‘love affair’ with Tiger Woods, Nike is in dire straits over $28 billion trouble. ttmd
Breakups are hard. Especially after a 27-year-long partnership like the one Nike and Tiger Woods shared. While Tiger Woods has been suffering with an increasing level of criticism on his newly-launched brand Sun Day Red, the journey has not been easy for Nike either.
The multi-billion athleisure enterprise recorded the steepest one-day percentage decrease in its share prices since 1980, shortly after its quarterly earnings and future outlook were announced. A major fall of 20% was seen in its share price costing the sports market giant a hefty sum of almost $28 billion of shareholder value.
This major setback was not exclusive to the already intense spot that Nike had found itself in, a while back. Nike has been focusing on a $2 billion cost-cutting campaign in light of consumers’ complaints of an increase in prices and a shocking update of an expected 4–6% decline in sales in the forthcoming fiscal year.
Addressing the brand’s current tricky situation, UBS analyst Jay Sole wrote, “Our key conclusion is there will be no quick rebound for Nike’s earnings. We believe Nike is embarking on what will be a multiyear reset of its business.”
The recent consumer behavior adds to the concerns of a multiyear reset of its business following share price downfall and internal struggles. With Nike’s underperformance and expensive lines, consumers are moving towards other brands like Hoka, On, and New Balance. This has forced Nike to take drastic measures to attack “opportunities across price points” and launch a less-expensive shoe line, likely under $100.
But what is the situation on the other side of this breakup story? Why is Tiger Woods’s SDR facing rampant criticism?
The problem with Tiger Woods’s post-breakup brainchild Sun Day Red
Not all is merry on Woods’s SDR’s end either. Having faced multiple rounds of criticism due to its expensive prices, disappointing quality, and seemingly complex logo, the newly launched brand seems to have failed in delivering its promise of providing more than a shift, infusing its consumer with a winner mindset, so far.
The brand claims that “Every seam, every stitch, every fold of SUN DAY RED, is sewn with the meticulousness, care, and unwavering focus that has defined Tiger Woods’ legendary career. When you wear these clothes, you wear the confidence to compete, both on and off the course. You carry the legacy of a champion. You become part of the SUN DAY RED story.”
Despite its promises, fans continuously criticize every move the newly born brand takes. Its recent launch of the Camo Collection was no exception. Against the brand’s tagline for this innovative take on activewear that works on and off the course and serves as “a symbol of excellence, commitment, and determination,” the all-new Sun Day Red Camo Collection has been deemed by fans as “overpriced and cheap material.”
With fans’ opinions increasingly going against its goals, Tiger Woods and Nike both find themselves on a sinking boat, in dire need of redemption. While Nike’s struggles remain majorly financial, Woods’s battle remains hidden in a more qualitative assessment.
