Nike-Owned Converse May Be About to Make Deep Cuts. Will It Affect Nike's Stock?

Since Elliott Hill took over as CEO more than a year ago, Nike (NYSE: NKE) has been in the midst of a far-reaching turnaround, attempting to reestablish relationships with key retail partners, bring sport back to the center of the brand, and start innovating again.While that turnaround strategy has delivered some successes, an ongoing pain point for Nike has been Converse, the sneaker brand it acquired in 2003, which is probably best known for the timeless Chuck Taylor line. In Nike's most recent quarter, revenue from Converse fell 30% to $300 million, including declines in all of its regions, continuing a long run of negative growth at the sub-brand. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool