Of course, did anyone expect differently? Nike doesn't care even the slightest bit about sustainability - they only invested in it because they thought it'd be a good marketing strategy.
The "why" is quite telling: their sales didn't grow. They still have an absolutely massive market share, and they're still making over a billion dollar a year in profits - but they didn't grow, so their share price dropped, so their shareholders demand cost cutting.
They are forced to grow like a cancer, no wonder they aren't sustainable!
It's full mask-off capitalism at this point. I predict everything will get shittier and shittier from here on. Ever since the crash of cryptocurrencies (a symptom of the times rather the cause, to be clear), every corp is doing everything they can to wring the necks of workers and customers both. It'll keep collapsing on itself as our options and services grow ever more limited and terrible.
Nike is losing market share to Hoka and other brands that make shoes that are actually comfortable for long term wear. Capitalism is doing its job perfectly - it doesn’t matter how much of a sociopath is at the helm, if you don’t do what your customers REALLY need, you lose money. Money is a feedback mechanism that makes even people with no empathy develop empathy for the masses. Nike was making pretty but expensive shoes that made you hurt. People switched to comfortable less expensive shoes with less bells. The basketball star marketing can only take you so far.
The "why" is quite telling: their sales didn't grow. They still have an absolutely massive market share, and they're still making over a billion dollar a year in profits - but they didn't grow, so their share price dropped, so their shareholders demand cost cutting.
They are forced to grow like a cancer, no wonder they aren't sustainable!