Nike lost its cool

Major brands like Nike and various millennial-focused companies are experiencing a significant decline in cultural relevance and financial stability. Nike’s struggle stems from a difficult transition from niche to mass-market appeal, compounded by political controversies, leadership missteps, and the negative impact of tariffs. Meanwhile, millennial brands such as Everlane and Glossier, which once promised transparency and ethical consumerism, have largely failed to achieve long-term profitability or maintain their brand identity in a shifting market. These companies often struggle to scale apparel businesses compared to tech-driven services, leading to acquisitions by conglomerates like Shein that directly contradict their original values. As the era of venture-backed "lifestyle subsidies" ends, these brands face an increasingly competitive landscape where maintaining a "cool" factor is no longer sufficient to ensure survival against legacy competitors.