Nike CEO John Donahoe is chalking up the company’s slowdown in new products to remote work.
“It turns out, it’s really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,” Donahoe told CNBC on Friday.
Donahoe, who took helm of the company in 2020, said that the COVID-19 pandemic played a significant role in the company’s operations, in part because it meant closing down factories. And it meant that employees had to work remotely for more than two years.
In October 2022, Nike’s teams came back together and “have been ruthlessly focused on rebuilding our disruptive innovation pipeline,” Donahoe said.
The 2024 Summer Olympics in Paris may be the stepping stone Nike needs to get a leg up on its competitors, such as Hoka and Lululemon. In March, Donahoe said Nike was falling short of “performing at its potential,” adding that it was necessary it “make certain adjustments.”
Donahoe said the company intends to release new products every season, which will be accompanied by a marketing campaign. The company appears to be making good on that promise. On Thursday, Nike unveiled its Olympic Kits for the teams it will sponsor at the games. It also announced the release of its new road running shoe, the Alphafly 3, and its more affordable Pegasus sneaker.
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