Nike prepares to unveil Olympic kits amid sales challenges

Nike is getting ready to show off its new outfits for Olympic teams, like those from the US and Kenya, as it aims to keep up its image as a top gear brand for top athletes and everyday folks alike.

With sales not doing so great lately, the coming Summer Olympics in Paris are a big chance for Nike to turn heads back to its high-end products, especially its running shoes.

These shoes, especially the Nike Alphafly 3, are aimed at runners who want the latest tech and are willing to pay for it.

HSBC analysts think Nike will grow slower than rivals like Adidas and Lululemon in the next few years, showing Nike needs to step up its game and grab more of the market.

Even as a big name in sports clothes, Nike is losing ground to brands like On Running, Hoka, and Lululemon. People are also moving away from big basketball shoes to more sleek "terrace" shoes, like the Adidas Samba, which adds to Nike's challenges.

Facing these challenges, Nike has warned of dropping income in the early part of its 2025 financial year. To fight this, the company said it will cut back on making its well-known shoes like the Air Force 1 and focus more on new products.

Tom Nikic, an analyst in New York, said Nike's recent products haven't been exciting or new. This matches what many think about Nike not making new exciting stuff lately.

But, the upcoming Olympics could be a chance for Nike to make its name shine again.

People think seeing Olympians set records wearing Nike could make folks lean towards Nike again.

Yet, Nikic warns, "We have to wait and see if Nike has the strong product to make the most of the buzz it will get."

Facing what the market wants and what people like, Nike's leaders said they plan to put more into running shoes, an area they've not been leading in. They want to make more affordable running shoes, priced between $100 and $150 a pair, to grow Nike's spot in the running shoe market.

(With inputs from Reuters)