Why have Nike shares fallen 80% in 5 years?

Nike's shares have fallen 80% from their record high in 2021 amid multiple headwinds. Amid intense competition from Chinese brands, Nike's Greater China revenue fell 17% on a constant-currency basis in Q4 of FY26. Its declining direct-to-consumer revenue and weaker overall sales have contributed to slowdown. Critics argued Nike has leaned too far into social issues, affecting its brand image.