Canzano: Nike vs. Adidas -- who ends up right about Penn State?
Penn State signs $300 million deal with Adidas.
Arrogance has cost Nike with consumers. A company that was once deeply connected with the public and up to its elbows in innovation has lost some mojo.
Nike’s stock price is down 38 percent over the last five years.
Layoffs make headlines a couple of times a year.
Insiders will tell you the sneaker company has farmed out the meat of the licensing business, refused to give up on stale trends, and stuck clinging to old, rigid ideas. A long-time sneaker-world contractor I spoke with this week told me he’s come up with a nickname for the new guard in Beaverton.
“Swoosh-bags,” he said.
Penn State announced it is breaking ties with Nike, severing their 33-year relationship. The Nittany Lions have signed with Adidas in a 10-year, $300 million deal that begins next summer. The running narrative is that Penn State didn’t feel important to Nike and ran into the open arms of Adidas.
There’s more at play here, isn’t there?