You're missing one aspect: Nike relentlessly promoted wokism. It triggers 2 parts: Gives you less time to market to WASP; It makes your shops the first in line during mass unrests, which in turn floods the local market with cheap versions of your shoes.

Those big ads subtitled "Black culture" with a body-positive woman, on a 30mx30m, hung on the scaffolding of a magnificent Haussmann-period palace, it does have an effect on customer identification to your brand.

Talk about living in a bubble. Nike is an ultraglobal brand. The people who were exposed to such ads and saw them negatively represent maybe 0.5% of global revenue. If even that. They sure weren't running "body-positive woman" ads in Tokyo and Zagreb.

Missing out on the ferociously MAGA market segment is surely a positive...