NKE Stock Rises Overnight: LVMH Scion Alexandre Arnault Joins Nike Board As Sportswear Giant Struggles To Turn Around

• Alexandre Arnault, deputy CEO of LVMH’s Moët Hennessy, joins Nike’s board.
• Nike Chair Mark Parker praised Arnault’s brand-building record, while Bill Ackman also welcomed the appointment.
• Nike faces ongoing challenges, with fiscal 2026 revenue down 2% to $46.4 billion and shares nearly 80% below their 2021 peak.

Nike Inc. (NKE) has added LVMH executive Alexandre Arnault to its board as the sportswear giant works to revive growth and strengthen its brand. The appointment brings luxury-sector experience to Nike’s leadership team as CEO Elliott Hill pushes a turnaround focused on product innovation and consumer engagement.

Nike stock traded nearly 1% higher overnight Wednesday. However, it is on track for a fourth straight week of losses, down nearly 3% so far this week.

Luxury Executive Arnault Joins Nike Board

Arnault serves as deputy CEO of LVMH’s Moët Hennessy wine and spirits business and is the son of LVMH Chairman and CEO Bernard Arnault. His appointment comes as Nike attempts to regain traction after product missteps and changes to its retail strategy.

"Alexandre has earned a reputation for helping iconic global brands evolve, innovate and grow in a changing, complex marketplace," said Mark Parker, Executive Chairman of Nike.

Arnault has held his current Moët Hennessy position since early 2025. Before that, he spent four years as a senior executive at Tiffany, where he worked on product, communications and industrial operations. LVMH acquired the U.S. jeweler for $16 billion in 2021.

Pershing Square Capital Management founder and hedge fund manager Bill Ackman lauded the appointment in an X post: “This is a great development for @Nike. I am an @alexarnault fan, and Alex can help. And Nike needs help.”

Ackman does not currently have a stake in Nike. After initially building a position through Pershing Square Capital Management in mid-2024 and later increasing it, Ackman sold his entire position in the first quarter of 2025.

Nike's Turnaround Challenge

The appointment arrives during a difficult period for Nike. Revenue for fiscal 2026 declined 2% on a constant-currency basis to $46.4 billion, while the company's stock has fallen nearly 80% from its November 2021 high and is set to leave the S&P 100 after 18 years.

CEO Elliott Hill has pursued a turnaround strategy focused on product innovation, stronger consumer connections, and a broader presence across physical stores and digital channels.

In the fourth-quarter earnings call, Hill said, “We know we're not living up to our full potential, particularly in Nike Sportswear and Jordan Streetwear, where sell-through remains challenged, impacting both current discounting and future order books.”

Nike is scheduled to release its fiscal 2027 first-quarter results on Oct. 1, giving investors another chance to assess whether Hill's turnaround efforts are gaining traction. According to Fiscal.ai data, analysts project $11.35 billion in revenue and $0.45 per share in earnings.

What NKE Retail Traders Are Saying

On Stocktwits, retail sentiment around the stock remained in ‘bearish’ territory.

A user said, “Never recovering until they turn on their ridiculous woke nonsense. Cost investors over $200B since 2021 because of their DEI board of directors. Once a company starts doing this, run for the hills.”

Another user said, “Been buying small chunks on the way down, current average around $38. Probably wait and see if it breaks below $35 to add another chunk. Long-term hold, it's Nike. They still print money. The brand, ambassadors, contracts, and products aren't going anywhere.”

NKE stock has crashed 50% year-to-date.

Also see: This Analyst Sees INTC Stock Hitting $200 in Two Years — That’s a 106% Upside

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