Why sneaker king Nike was kicked into an $18b black hole

The world’s largest sportswear maker is in crisis following a disastrous restructuring, and as its sneakers lose some of their cultural cachet.

Sara Germano

Jul 12, 2024 – 5.00am

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One of the most covetable sneakers ever made is a pair of black and yellow basketball high-tops, the Wu Tang Dunks, released by Nike in 1999.

Legend has it that just 36 pairs were ever produced and given to friends and family of the Staten Island hip-hop group. But when the world’s largest sportswear maker teased a commercial release of the shoes last week, posting a photo of the kicks to the Nike Sportswear account on Instagram, some collectors baulked.

Financial Times