Nike bets on Olympic spending spree to revive slumping sales

It’s all hands on deck after Nike’s market value dropped by €26bn this year

Basketballer LeBron James is one of Nike's flagship ambassadors. Picture: Gregory Shamus/Getty Images

Nike is spending more than ever on marketing around the Olympics in a global advertising blitz as it tries to reinvigorate sales and spark a comeback for the world’s largest sportswear company.

Executives have called on their top stars for help at the 2024 Summer Games in Paris. Nike co-founder Phil Knight made a rare plea to the “Nike Family” of athletes and coaches a week ahead of the games, encouraging them to “reignite the passion, desire, and the want to win".