Nike has rehired a retired senior executive to oversee retail partnerships in a bid to revive falling sales.
The sports giant has brought back Tom Peddie, who retired from the business in 2020 after more than 30 years, as its vice president of marketplace partners, Bloomberg reported.
Nike is understood to be trying to rebuild relationships with retailers, such as Foot Locker, after it pulled its products when it shifted its strategy to focus on direct-to-consumer (DTC) sales in 2022.
Related Story
Nike president of geographies and marketplace Craig Williams said in a memo, seen by the publication: “As we continue to focus and improve capabilities in our wholesale business, I am confident that Tom will bring both vision and bold leadership to accelerate the marketplace strategy.”
Peddie, who has held several senior management roles during his Nike career, including as vice president and general manager of North America, is said to have returned on June 24.
Last month, the sporting giant slashed its 2025 forecast after reporting weaker-than-expected fourth quarter sales, which fell 2% to £9.6bn.
Nike chief financial officer Matthew Friend also revealed the business was planning to launch a new value sneaker line worldwide, priced around £79 or less, to help drive sales.
Click here to sign up to Retail Gazette‘s free daily email newsletter
