Nike has made a tick a religion. It turned a basketball shoe into a museum exhibit, inspired the whole world to join in a three-word chant and was the first answer to the question “which sneakers should I get?” for 40 years. It’s a little bit crazy to ask, as we move into 2027, has Nike lost the millennial generation of the Gen Z? But you and I here we are, though. The receipts have been received and they are no cutes.
The Numbers Are Giving “We Need to Talk”
First, money, for money does not do PR. In 2025 Nike’s revenue fell 10%, and stayed level at $46.4 billion in 2026. The current quarter, which was reported on 1st October 2026, was at $11.2 billion with a further 4% decline.
It gets worse. Nike has already stated its financial year of 2027 is expected to be a high single-digit decline. That’s not a haters’ guess, it’s Nike’s own prediction.
What Teens Actually Said
The Piper Sandler teen survey, which samples about 11,000 American teens and asks them what they love, is the best scoreboard to the Gen Z. Nike was the most popular brand of footwear for 61% in spring 2023. By fall 2025 that number was 46%. The 15 points have been achieved in less than 3 years.
Girls left first. In a single year, Nike’s footwear share with teen girls fell from 56% to 48%.
To be fair, Nike is still #1. Adidas is at 14%, New Balance is at 8% and Piper Sandler said the slide “was beginning to level off.” So Nike hasn’t been dumped. It has been set to a “read” status.
So What Went Wrong?
Everyone Had the Same Shoe
Did you remember when Panda Dunks were all over in every foot of every school hallway? The answer was that was the issue. Nike produced and released Dunks, Air Force 1s and Jordan 1s until they ceased to be exceptional. There is one thing that makes a sneaker cool, and that is scarcity. When your math teacher has your shoe, it’s done.
This is now a tacit admission from Nike. Last quarter it deliberately slashed Dunk sales by nearly 50 percent and lifestyle Sportswear was down at a low double-digit level. The sportswear consumer is “not one audience,” said CEO Elliott Hill to investors. Translation: we were all a big hypebeast and it failed.
The Collabs Stopped Hitting
Collabs used to be Nike’s super power. In recent times, they have been feeling like group projects without anyone reading. Which leads me to the large one.
The NikeSKIMS Situation
This was brilliant on the page. Nike’s sport science section and Kim Kardashian’s shapewear line were unveiled in February 2025 as a completely new brand for women. Its intention was to be released this spring. It has been delayed until September 26, 2025, due to production delays, and arrives with 58 styles.
Nike deemed the response to be very good. However, at the time, it was reported that most styles remained on offer online. The latter one was derided on social media, prompting people to wonder if anyone could really exercise in it. As of July 2026, NikeSKIMS clothing was on sale 25%.
My take? It was not made for us, as millennials, but for Pilates. Meanwhile, teen girls were already swapping out Nike for second and third ranked Hollister and Brandy Melville. It was a deal that chased some celebrity rather than a Kardashian.
Who Stole Nike’s Cool?
New Balance, Obviously
In 2025, New Balance reported a record $9.2 billion in sales, an increase of 19% from the previous year, the fifth consecutive year of double-digit sales growth. It is hoping to raise USD 10 billion in 2026. 5 years ago, it was a dad shoe. Now it’s what your coolest friend wears with baggy jeans.
Why does it work? New Balance remained as selective as possible when it comes to where it sells, were as modest as possible in its collabs and made shoes that essentially say “I have taste” instead of “I won a raffle. The truth and the only truth is that I am looking to purchase my first pair and so as a result I’m part of the problem.
On, Asics, Salomon and the Samba
With Zendaya in the face, On also beat out Hoka to claim the fourth spot on the list of teen favourite shoe brands this fall 2025. Asics was the fastest-growing sneaker brand on StockX this year, growing by 71%. Salomon’s sales rose a whopping 35% to exceed $2 billion. These brands seem geeky and not for everyone and somewhat “if you know, you know.
But the Adidas Samba? It had taken the lunch money off Nike, with an estimated €1.5 billion paid out in 2024. But the plot thickens, as it cools in style too with Adidas’s lifestyle business only rising by 2% in the second quarter of 2026. There is a time for everyone to have oversaturation.
Is Jordan Still That Girl?
This one hurts. The Jordan brand’s sales dropped 16% to $7.3 billion in 2025 from $8.7 billion in 2024 and further decreased to $7 billion in 2026. They dropped at a mid teens rate last quarter.
We never got to see Michael Jordan play, did we? In his eyes, he’s a legend from a documentary and not a poster on the bedroom wall. The Jumpman remains fashionable, but an unending stream of re-releases have made grails common. Nike is now claiming that they will be reselling fewer retros and less frequently to promote scarcity. Smart. Also late.
How Nike Is Trying to Win Us Back
To be fair, Nike isn’t resting on its laurels. Its “Why Do It?” campaign in September 2025, starring Tyler, the Creator, was geared directly toward this overly-thinking generation. There were differing opinions among marketing professionals regarding whether the famous quote was daring or embarrassing.
The real strategy is going back to sport. Last quarter, running increased at double-digit levels and Caitlin Clark’s signature shoe has been introduced in 5,000 stores while retro runners such as the P-6000 are selling. Nike has promised to lay out its long-term plan at an investor day in November.
The Sustainability Problem
Gen Z cares about the planet (I’m ordering from Shein, I know, we’re all different kinds of people). But Nike’s green image is at risk in either case. In 2024, it reduced its full-time sustainability staff by nearly 30%, according to an investigation by ProPublica and The Oregonian.
In 2026, a shareholder proposal noted that Nike was not releasing a comprehensive sustainability report in 2025, as it always had done since 2001. Nike’s board told investors to vote against the proposal. That doesn’t bode well for a brand that touts “Move to Zero”.
Is that why people continue to wonder, “has Nike gotten rid of the Gen Z people?” Not on its own. It does add to the impression that Nike is a colossal business, not a brand with a point of view, though.
The itismandystyle Verdict
Then, has Nike been consigned to losing a generation of Gen Z consumers? No. My opinion: It’s a fight but a fight it can make.
Almost half of teens still choose Nike first and no other brand comes close. So Nike’s problem is that the shoe has lost its cool, the feeling that owning it says something about you. That takes time to build back, and according to Nike’s forecast, it will be a lean 2027 as well.
The truth of it is that Nike has lost Gen Z consumers, but not their loyalty. When it’s in short supply again and the product is weird and exciting again, we’ll be weird and exciting again. I’ll be here in my brand new pair of New Balance until then.
