Nike Hits 2014 Low, On Drops 22% as Sportswear Slowdown Fears Grip Stocks

2 articles · Updated · Daniel-Yaw Miller | Substack · Aug 25

$39.09 marked Nike’s lowest close since 2014, while On suffered its biggest one-day post-IPO drop earlier this month, falling nearly 22%.
Investor anxiety has centered on signs that sportswear’s pandemic-era growth is cooling, with On’s Q2 revenue of CHF 850.3 million missing Wall Street’s $1.08 billion target despite rising 13.5% year over year.
The selloff has spread across the sector: Adidas is down 8% this year, Amer Sports 14%, and Lululemon 40%, even as analysts say fears of an industrywide slump may be overstated.
On still expects up to CHF 3.56 billion in 2026 revenue, and analysts argue long-term demand for sportswear remains supported by durable wellness and activewear trends.