Implied Valuation
$57.0B
-$223.0B from 2021 Peak ($280B)
Market Cap Drawdown
-79.6%
Peak $280B → Current Modeled
Margin Drag (DTC CAC Dilution)
-6.4%
Paid Search & Promo Discounting vs Wholesale
Wholesale Vacuum Captured
71.2%
Captured by Hoka, On, NB & Brooks
Channel Flow & Shelf Space Cascade
Nike Wholesale Retraction → Direct Capture vs Competitor Infiltration
Specialty Running & Lifestyle Shelf Vacuum
How Nike's wholesale pullback subsidized challenger brand discovery
Causal Driver Decomposition Matrix
Attribution of Nike's $223B Value Destruction
| Strategic Driver | Underlying Mechanism | Modeled Severity | Valuation Impact |
|---|