Although it still strides the sports industry like a colossus (generating $32.4 billion in global revenue last year), it appears to be losing market share to other big players in the market like Under Armour and Reebok. It's also competing with a host of startups-like Outdoor Voices, Alala, and Ultracor - that are taking advantage of the athleisure craze.
That led to a fall in Nike's stock for the first time in eight years. However, Nike has a plan. The sportswear brand has an edge in two areas: the resources to come up with the most technologically advanced products, and access to a vast network of focus groups that allow it to better understand what female consumers are looking for.
Nike has also been working on developing new products that address specific needs in the market. This week, for instance, Nike launches it's most innovative sports bra to date, the FE/NOM Flyknit bra, which took two years of intense testing to produce.
Flyknit is a material that was digitally engineered by Nike's scientists and used in a shoe launched during the London Olympics in 2012. It became a resounding success. Flyknit is a yarn made out of a very strong but lightweight synthetic fibre. Nike hopes to repeat that success with the sports bra. But is it enough for Nike to stay relevant to female consumers?
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