It’s definitely not a hot take to say that Nike’s stock lately has been about as thrilling as getting an IRS letter in the mail… up just 2% year-to-date. (Don’t spend it all in one place, shareholders.)

So to jolt things awake, the Swoosh is shaking up its most sacred cow: the slogan. After nearly four decades of telling the world to “Just Do It,” Nike is now asking the question nobody expected: “Why Do It?” (Which also happens to be the exact phrase I mumble when my alarm goes off at 5:30 a.m. for the gym.)

Now apparently, the shift isn’t happening because the marketing team got bored… it’s because Nike is in what they politely call a “transition year.” In my view, it sure seems like another way of saying… “Please don’t look too closely at the numbers while we attempt to get this baby back to the glory days.” For instance, in their last earnings report… sales dropped 12% to $11.1B, and the company announced layoffs for about 1% of corporate staff (always a great way to boost morale).

(Source: Vogue Business)

The old strategy under former CEO John Donahoe… dividing the business into men’s, women’s, and kids’ flopped. So now new CEO Elliott Hill and CMO Nicole Graham are trying to undo the damage by reorganizing Nike around sports themselves. Running, basketball, football, even cricket (because I guess, cricket is the next sneaker battleground?).

Narrated by Tyler the Creator, Nike’s “Why Do It?” ads feature LeBron James, Caitlin Clark, Saquon Barkley, Vini Jr., and skateboarder Rayssa Leal. 

Instead of pumping you up with “rah-rah” motivational speeches, Tyler asks a series of uncomfortable questions: “Why do it? Why risk failure? Why put it on the line? Seriously, why? You could give everything and still lose.” Then he flips it with: “But what if you don’t?” It’s Nike’s attempt to take aim at Gen Z’s favorite cultural go-to word… cringe. I guess the message they’re trying to send is that trying might look embarrassing, but not even trying looks even worse (meanwhile, shareholders are asking the question “can you try to get back to the company that I thought i was investing in?”).

On the surface, this looks like just a marketing stunt, but it ties directly to Nike’s cultural relevance, which drives market share. Sneaker culture lives and dies with teens and 20-somethings, and right now brands like Adidas and On Holdings are stealing attention. 

With that said, Nike has historically been the best in the world at turning ads into emotion and emotion into sales. Remember their 2012 “Jogger” spot? Just a kid running on an empty road. With no soundtrack or flash at all? The ad crushed. This new campaign feels like an attempt to bottle that same energy in a TikTok era where “try-hard” is an insult. And with Hill and Graham at the wheel, the slogan is a signal that Nike is serious about rooting itself back in sports culture. (Finally.)

Nike’s not “back” yet. 2025 is still probably going to feel more like rehab than a championship parade. But the success of “Why Do It?” will be a litmus test for how much gas Nike has left in the tank. If the campaign lands with Gen Z, it could help Nike claw back cultural dominance, which flows directly into sales and eventually stock upside. “Why Do It?” may sound defeatist on paper, but for investors, the better question might be: why not buy it… before the turnaround actually sticks? (See what I did there?). 

Analysts like Jim Cramer have hinted that Nike’s finally on a comeback trail, but he also noted that everyone in apparel is struggling right now. (“Sucks to suck, Lululemon.”) Nike’s definitely playing the long game here. They’re betting this campaign will do more than sell sneakers… it’s about shifting brand perception, re-energizing young consumers, and reminding people that the Swoosh still has aura.

(Source: Insider Monkey)

Will “Why Do It?” end up as iconic as “Just Do It?” Who knows. But it’s nothing like Cracker Barrel blowing up its entire identity and rolling out a logo that couldn’t have been any worse. Nike’s not having an existential crisis, they’re just playing around with the brand. And if it doesn’t click? No biggie… they’ll throw “Just Do It” back on a billboard, drop a LeBron ad, and everyone will pretend this never happened.

At the time this article was published Stocks.News does not hold positions in companies mentioned in article.