In September 2026, Nike left the S&P 100 after nearly 18 years, and Kylian Mbappé signed with On. We look at the decision that handed shelf space to Hoka, On and New Balance.

When was the last time you bought Nike in a store, and what did you buy instead?

CHAPTERS
00:00 The Exit
01:31 What Nike Actually Built
02:31 The Direct-to-Consumer Bet
05:05 The Assumption That Was Wrong
05:59 Who Took Nike's Shelf Space
07:18 The Product Problem
08:37 The China Problem
10:22 The Numbers
11:55 The Comeback Plan
13:36 Why Mbappé Matters
14:37 Not an Obituary

SOURCES
S&P Dow Jones Indices, index changes announcement (Sept 4, 2026): https://www.spglobal.com/spdji/en/doc...
Nike, Fiscal 2026 Q4 and Full Year Results (June 30, 2026): https://s1.q4cdn.com/806093406/files/...
Nike, Elliott Hill named President & CEO (Sept 19, 2024): https://about.nike.com/en/newsroom/re...
CNN Newsource via KEYT, On signs Mbappé (Sept 18, 2026): https://keyt.com/news/money-and-busin...
AFP via FashionUnited, Mbappé leaves Nike for On (Sept 18, 2026): https://fashionunited.uk/news/people/...

Note: Wholesale +4% and NIKE Direct −8% are fiscal 2026 currency-neutral figures. On a reported basis, the release shows +6% and −6%.

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