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Nike's stock touched a 12-year low this week, a result the company's own record makes difficult to read as purely a competitive story.
The business problems are real: newer rivals have taken market share, and Nike's products have not generated fresh excitement. Consumers are not eager to pay more for sneakers right now.
The political choices the company made across the past decade are part of the record too.
A brand that chose a side The story begins in 2018, when Nike placed former NFL quarterback Colin Kaepernick at the center of its 30th-anniversary "Just Do It" campaign.
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