Tech
How Footwear Companies Are Changing
CNBC Marathon digs into how the footwear market is evolving as retailers like Nike and Crocs stage a comeback amid new retail industry entrants like On Running.
Nike is the world’s largest sportswear brand but the company is on a mission to regain its stride. A series of poor earnings reports eventually wiped out $28 billion from the company’s market cap. In June 2024, the company experienced its worst trading day ever as a publicly traded company. Nike has blamed its performance on everything from macro challenges to remote employees, but analysts say it was part of a years-long series of strategic errors. During an effort to focus on direct-to-consumer sales through digital channels, analysts say the company has started to lack innovation and ceded market share to newer rivals like Hoka and On Running. Nike is now dealing with an excess of inventory from major sales slowdowns as consumers turn to newer styles from other brands. Now, all eyes are the company’s new CEO, 32-year Nike veteran Elliott Hill, to turn the sportswear giant around.
After having a big moment in U.S. culture during the early 2000s, Crocs’ growth fell flat over the decade following the Great Recession. However, clever marketing and brand messaging focusing on customization with its charms, Jibbitz, has made the iconic clog ‘cool’ again. In 2024, the company that also includes casual footwear brand, HeyDude, sold over $4 billion of product.
Nike and Adidas have long dominated the global sportswear market, but a Swiss sneaker company is quickly gaining ground. The brand On sells premium priced athletic wear and is most known for its trademark running sneakers with hollow pads in the sole. In its Q1 2025 earnings report, the company reported net sales of $869 million, over 40% higher from the year prior. Meanwhile, Nike reported a 9% revenue decline in its fiscal Q3 2025 earnings report, compared to the same quarter last year. Nike still owns around 40% of global market share in athletic footwear, and On makes up a little under 3%, but that share has increased eightfold since 2019. Experts say On is now one of the biggest challengers in sportswear. But with Nike mounting a comeback and potential tariffs looming, can the Swiss brand maintain its edge? CNBC visited On’s headquarters in Zurich, Switzerland to get a behind-the-scenes look at the company and how its shoes are made.
The U.S. retail landscape is changing and footwear is a key part of the sector. This CNBC Marathon digs into the details of Nike’s turnaround plan, how Crocs won back shoppers and what makes On Running one of the biggest challengers in sportswear.
Produced by: Merritt Enright, Ryan Baker
Edited by: Andrea Miller, Darren Geeter
Camera by: Natalie Rice
Animation: Jason Reginato, Mithra Krishnan
Additional Reporting: Sara Eisen, Gabrielle Fonrouge
Senior Managing Producer: Tala Hadavi
Senior Director of Video: Jeniece Pettitt
Additional Footage: Getty Images, Reuters, AP Images, Crocs, On, Nike
00:00 Introduction
01:23 Why Nike Is Struggling
11:30 How Crocs Became Cool Again
21:45 How On Running Shoes Is Taking On Nike And Adidas
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How Footwear Companies Are Changing
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