Nike has appointed Alexandre Arnault, the 34-year-old son of LVMH CEO Bernard Arnault, to its board as CEO Elliott Hill works to revive the sportswear company’s brand and financial performance. Arnault helps run LVMH’s wines and spirits segment and previously led Rimowa and held senior product and communications roles at Tiffany & Co., where he helped modernize heritage brands through collaborations and pop-culture marketing. Nike has lost $200 billion in market value since its 2021 peak and last week dropped out of America’s 100 biggest blue-chip companies. Its latest fourth-quarter revenue fell 1% to $11 billion, while Nike Direct declined 7%, digital sales fell 12% and Nike-owned store sales dropped 7%. China sales have declined for eight consecutive quarters as Anta and Li-Ning gain ground, while Hoka, On and New Balance have drawn attention in running and lifestyle footwear. Arnault’s appointment follows Nike’s retreat from digital collectibles: the company ended RTFKT’s Web3 operations in December 2024, closed the studio a month later, faced a $5 million lawsuit from holders and sold it to an undisclosed buyer in December 2025. LVMH is also managing a slowdown, although its Wines & Spirits segment grew 5% organically in the first half of 2026 while Fashion & Leather Goods revenue fell 1% and profit declined 7%.