Nike

EXECUTIVE SUMMARY

Nike is an Official Outfitter of the LA28 Olympic and Paralympic Games and Team USA, responsible for athlete performance apparel. This role is distinct from Ralph Lauren's ceremony uniform role: Nike outfits athletes for competition, training, and medal ceremonies, while Ralph Lauren designs the opening and closing ceremony parade uniforms.

Nike's Olympic relationship runs deep. The company has provided Team USA's competition uniforms since 2006 and partners with more than 100 national federations globally. At Paris 2024, 23 of Team USA's 35 unique medalists in track and field were Nike-sponsored athletes. The company also launched its most ambitious Olympic campaign in years with "Winning Isn't for Everyone," created by longtime agency partner Wieden+Kennedy Portland.

The LA28 Games carry particular significance for Nike. The company is in the early stages of a strategic turnaround under CEO Elliott Hill, who took over in October 2024 after a period of declining revenue and margin pressure. The Olympics historically serves as Nike's single most important brand moment, and a successful LA28 activation on home soil could accelerate the brand's recovery.

1. OLYMPIC HISTORY & MARKETING PRESENCE

1.1 Partnership Timeline & Evolution

Nike has been the dominant force in Olympic athletic apparel for decades, serving as both a Team USA outfitter and a sponsor of individual athletes and federations worldwide.

Pre-2020 History Nike has provided Team USA's Olympic competition uniforms since 2006. The company sponsors athletes across virtually every Olympic sport, from track and field to basketball to swimming to skateboarding. Nike's Olympic marketing has produced some of the most iconic sports advertising in history, dating back to the "Just Do It" campaigns of the 1990s.

Tokyo 2020 (held 2021) - Provided Team USA competition and training apparel - Limited in-person activations due to pandemic restrictions - Continued athlete ambassador programs with sponsored Olympians

Paris 2024 Major return to form for Nike's Olympic marketing: - "Winning Isn't for Everyone" Campaign: Created by Wieden+Kennedy Portland, narrated by Willem Dafoe, the campaign probed the obsessive, uncomfortable qualities that drive elite athletes. The in-your-face creative drew insights from hundreds of Nike athlete partners. - Federation Kits: Most athlete-informed, data-driven, and visually unified kits ever produced, using 4D motion-capture data and pixel-level precision - Track & Field Finals Uniform: First-ever separate finals uniform, featuring motion-captured particle visualization printed on performance fabrics - Medal Ceremony Uniforms: Designed specifically for the podium moment - Athlete Performance: 23 of 35 unique Team USA medalists in track and field were Nike-sponsored. Nike has sponsored the majority of Team USA track medalists since 2004. - Athlete Bags: Every Team USA member received an exclusive Nike Athlete Bag with apparel, footwear, and accessories - Key Nike-Sponsored Olympic Athletes (Paris 2024): Nike's individual athlete roster spans virtually every Olympic sport. Prominent Nike athletes at Paris 2024 included: - Sha'Carri Richardson (Track & Field, USA) - 100m Olympic silver medalist, 4x100m gold - LeBron James (Basketball, USA) - Olympic gold medalist, Team USA flag bearer at Paris 2024 - Giannis Antetokounmpo (Basketball, Greece) - Two-time NBA MVP - Victor Wembanyama (Basketball, France) - NBA Rookie of the Year, youngest Olympic basketball participant - Kylian Mbappe (Football, France) - among world's top footballers, featured in "Winning Isn't for Everyone" campaign - Alexia Putellas (Football, Spain) - Two-time Ballon d'Or Feminin winner - Qinwen Zheng (Tennis, China) - Olympic gold medalist (Paris 2024) - Cindy Ngamba (Boxing, IOC Refugee Olympic Team) - Olympic bronze medalist, signed by Nike in March 2024 - Leon Marchand (Swimming, France) - Four-time Olympic medalist (Paris 2024), signed by Nike post-Games in 2025

Milano Cortina 2026 Nike continues as Official Outfitter for Team USA's competition and training apparel at the Winter Games: - Nike ACG (All Conditions Gear) Collection: Centerpiece is the Therma-FIT Air Milano jacket, which features inflatable/deflatable air baffles that allow athletes to adjust warmth from hoodie-level to midweight puffer. Each jacket includes a custom ACG pump, metallic twill branding, and an interior liner graphic featuring the Garden of the Gods (a nod to Team USA's home in Colorado Springs). - Therma-FIT ADV Reversible Skirt and ACG Ultrafly trail shoe (ZoomX foam, carbon FlyPlate, Vibram Litebase sole) round out the collection. - Archival eagle motifs incorporated throughout the collection, strengthening Team USA's visual identity. - Three pairs of Oakley sunglasses included in each athlete's gear package alongside Nike apparel. - Design inspiration drawn from Colorado Springs (home of USOPC) with heritage American bald eagle imagery.

1.2 Signature Programs

• Federation Kit Program: Custom competition apparel for 100+ national federations, designed using biomechanical data
• Medal Ceremony Uniforms: Distinct podium apparel for Team USA athletes
• Athlete Innovation: Nike's Sport Research Lab drives performance apparel innovation specifically for Olympic competition, including the Vaporfly and Alphafly running shoe lines that have reshaped distance running

2. LA28-SPECIFIC INITIATIVES

2.1 Announced Plans & Positioning

Nike's LA28 partnership is its first-ever top-tier domestic Olympic sponsorship, part of an eight-year deal valued in the low nine figures. The scope includes:

• Full Team USA competition and training apparel across all sports
• Medal ceremony uniforms
• Fan merchandise through Fanatics' retail platform (Nike is the primary apparel brand in LA28 merchandise)
• LA28-branded consumer apparel (already available through the official Olympics Shop and Fanatics)
• Major brand campaign expected to anchor Nike's marketing around the Games
• Strong activation expected around 3x3 basketball and urban sports (skateboarding, breaking, sport climbing), categories where Nike has invested heavily and which skew toward younger consumers

LA28 Venue Context: The Games will use 40+ competition venues across the LA metro area, with a dual-venue Opening Ceremony shared between the LA Memorial Coliseum and SoFi Stadium (announced May 2025). LA28 will be the first Games since 1948 built entirely on existing infrastructure. Nike's Beaverton, Oregon headquarters is a short flight from LA, and the company has significant operations throughout Southern California. The Games dates (July 14-30 for Olympics; August 15-27 for Paralympics) fall during Nike's critical back-to-school retail window. The 50-state Olympic torch relay, beginning April 2028 (a first in Olympic history), provides a national activation platform for retail tie-ins.

Flag Football at LA28: Flag football will make its Olympic debut at LA28, hosted at the Rose Bowl in Pasadena. Nike's USA Football partnership and its signing of Diana Flores (through Oakley, a fellow LA28 partner under the EssilorLuxottica umbrella) connect to this new Olympic sport. Nike is well-positioned to be the primary apparel brand for Team USA flag football.

2.2 Regulatory/Market Context

Nike's LA28 activation arrives amid a strategic turnaround. Under previous CEO John Donahoe, Nike shifted aggressively toward direct-to-consumer sales at the expense of wholesale relationships, leading to market share losses in running and lifestyle categories. New CEO Elliott Hill has reversed course, re-engaging with retailers like Foot Locker and Dick's Sporting Goods and refocusing on sport-specific innovation. The LA28 Games offer a platform to demonstrate Nike's renewed commitment to athletic performance.

The distinction between Nike's role (athlete apparel) and Ralph Lauren's role (ceremony uniforms) is well-established but occasionally confusing to casual observers. Both are "Official Outfitters" of Team USA, but in clearly delineated categories.

3. EXECUTIVE LEADERSHIP & DECISION-MAKERS

3.1 C-Suite Leadership

• Elliott Hill: President and Chief Executive Officer (appointed October 14, 2024). Longtime Nike veteran who returned to lead the company's turnaround. His strategic priority is "sport offense," aligning teams around sport-specific innovation and accelerating "Win Now" actions.
• Mark Parker: Executive Chairman

3.2 Olympic Partnership Leadership

Not publicly disclosed at the individual level. Nike's Olympic partnerships are managed through the company's global sports marketing organization, which oversees athlete endorsements, federation relationships, and event activations.

3.3 Board Members with Relevant Experience

• Mark Parker: Executive Chairman and former CEO; has overseen Nike's Olympic strategy across multiple Games cycles

4. AGENCY & CREATIVE PARTNERS

4.1 Agency Model

Nike works with external creative agencies for major campaigns while maintaining significant in-house creative capabilities.

4.2 Known Agency/Partner Relationships

• Wieden+Kennedy Portland: Nike's primary creative agency partner for decades. Created the "Winning Isn't for Everyone" Paris 2024 campaign and is the agency behind "Just Do It" and virtually every major Nike brand campaign. This is one of the longest and most storied client-agency relationships in advertising.
• AKQA: Digital and interactive agency partner; has collaborated with W+K on prior Olympic campaigns

4.3 Notable Creative Executions

• "Winning Isn't for Everyone" (Paris 2024): Narrated by Willem Dafoe; explored the obsessive, uncomfortable mindset of elite athletes. Marked Nike's most assertive Olympic campaign in years and a deliberate return to provocation after a period of more cautious marketing.
• "Find Your Greatness" (London 2012): Classic Nike Olympic campaign that reframed athletic achievement beyond elite athletes
• "You Can't Stop Us" (Tokyo 2020): Split-screen montage connecting athletes across sports and abilities

5. COMPETITIVE POSITIONING

5.1 Market Share & Competitive Landscape

Nike remains the world's largest sportswear company by revenue ($46.3 billion FY2025), though it has faced market share pressure from competitors including Adidas (regaining momentum under CEO Bjorn Gulden, with FY2024 revenue of EUR 23.7 billion), New Balance (surging in running and lifestyle, estimated $7+ billion revenue), On Running ($2.3 billion FY2024, 30%+ growth), Hoka (owned by Deckers, $2.1 billion FY2024), and Asics ($4.5 billion, resurgent in performance running).

Key Competitor Olympic Strategies: - Adidas: Outfits Team GB (extended through LA28 and Brisbane 2032), the German Olympic team, and multiple national federations. Adidas reclaimed the Brazilian national football team from Nike, signaling aggressive federation-level competition. No IOC TOP status, but deep Olympic presence through athlete and federation deals. - Puma: Outfits Jamaica (Usain Bolt legacy), Cuba, and several African federations. Smaller Olympic footprint but high visibility in track and field. - New Balance: Growing Olympic presence through individual athlete sponsorships (Sydney McLaughlin-Levrone). No major federation deals but capitalizing on performance running credibility. - On Running: Swiss brand sponsoring Swiss athletes; limited Olympic footprint but rapidly building credibility in performance running. Backed by Roger Federer. - Hoka: Gaining share in marathon and distance running; increasingly visible on Olympic athletes but no formal federation partnerships.

5.2 Olympic Sponsorship Differentiation

Nike's Olympic position is not an IOC TOP Partnership but rather a Team USA outfitter relationship and a web of individual athlete and federation sponsorships. This makes Nike's Olympic presence feel omnipresent even without the exclusive category protection that TOP Partners enjoy. The sheer number of Nike-sponsored athletes wearing the swoosh during competition provides brand exposure that rivals or exceeds any TOP Partner's visibility.

Nike outfits more Olympic and Paralympic athletes than any other brand globally, creating a volume advantage that no single competitor or TOP Partner can match. The company also benefits from the Fanatics retail partnership (Fanatics is LA28's official merchandise partner), which distributes Nike-manufactured Team USA performance apparel.

5.3 Key Brand Messaging

• "Just Do It" (enduring brand platform)
• "Winning Isn't for Everyone" (current Olympic campaign)
• Sport-specific innovation and performance
• Athlete-first design philosophy using biomechanical data
• Return to sport under Elliott Hill's leadership

6. KEY METRICS & BUSINESS CONTEXT

6.1 Financial Performance

• FY2025 Revenue: $46.3 billion (down 10% reported, down 9% currency-neutral)
• Recent Quarterly Revenue: $11.7 billion (1% YoY increase, ahead of expectations)
• Wholesale Revenue: Up 8% YoY in most recent quarter (reflecting retailer re-engagement)
• Running Business: Revenue up 20% in most recent quarter
• NIKE Brand Revenue: Down 9% for FY2025, but trajectory improving under Hill's leadership
• Market Capitalization: ~$95 billion (February 2026)
• Stock: NKE (NYSE)

6.2 Olympic Period Performance

Nike does not break out Olympic-specific financial metrics. However, the Games historically represent the company's peak brand moment, driving consumer awareness, athlete endorsement value, and retail demand for performance products. The Paris 2024 "Winning Isn't for Everyone" campaign was widely seen as a marketing comeback for the brand.

APPENDIX: KEY SOURCES

Official Sources

• Nike Newsroom: about.nike.com/en/newsroom
• LA28 Partners: la28.org/en/our-partners.html
• Nike Investor Relations: investors.nike.com

Industry Analysis

• Marketing Dive: Nike kicks off marketing comeback with gritty Olympics ads
• Adweek: Nike's Olympic Push Highlights Symbiotic Relationship Between Advertising and Sponsorship
• Front Office Sports: 'Stubbornly High' Inventory Slowing New Nike CEO's Turnaround
• WWD: Nike CEO Says Q4 Results 'Are Not Where We Want Them to Be'

Financial Filings

• Nike FY2025 Fourth Quarter and Full Year Results
• Nike FY2025 Q1 and Q2 Earnings Reports

End of Research Brief