The end of an era. Nike is facing an epic crisis, with the company's stock price dropping nearly 80% over the past 5 years. Yesterday, it was even officially announced that Nike will be removed from the S&P 100 index. The main reason behind this is that its once-largest growth engine, the Chinese market, is bleeding continuously. For about 8 consecutive quarters, revenue has declined year-over-year, while local brands like Anta and Li-Ning are rapidly seizing market share. At the same time, the previous CEO's push for direct-to-consumer strategies led many distributors to hand over Nike's original stores and shelf space to other sneaker brands, causing some Nike consumers to shift away.