{"id":5316,"date":"2025-10-17T09:23:31","date_gmt":"2025-10-17T07:23:31","guid":{"rendered":"https:\/\/monocle.lu\/?p=5316"},"modified":"2025-10-17T09:23:31","modified_gmt":"2025-10-17T07:23:31","slug":"du-swoosh-au-boomerang","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/10\/17\/du-swoosh-au-boomerang\/","title":{"rendered":"\u00ab\u00a0Du Swoosh au Boomerang\u00a0\u00bb"},"content":{"rendered":"

De temps en temps, au milieu d\u2019un fatras de trucs inutiles, Linkedin vous offre une p\u00e9pite. Ainsi il y a six mois je tombe sur un long article de Massimo Gianco, ex responsable de marque chez Nike o\u00f9 il a pass\u00e9 21 ans, qui d\u00e9crit de l\u2019int\u00e9rieur le \u00ab Fiasco Donahoe \u00bb. Voil\u00e0 l\u2019histoire :<\/p>\n

Le 13 janvier 2020, John Donahoe prend les r\u00eanes de Nike, qui vaut alors $150 Milliards. Donahoe vient de la tech \u2013 ex patron de Service Now, et avant cela d\u2019Ebay – et il entend justement faire rentrer la tech chez Nike.. Il veut r\u00e9inventer la machine : plus digitale, plus directe, plus \u201cdata-driven\u201d. Les trois axes de sa strat\u00e9gie sont : : 1\/ supprimer les cat\u00e9gories historiques de Nike (football, course, basketball..) pour diminuer les co\u00fbts, 2\/ privil\u00e9gier le direct-to-consumer (DTC) en remplacement des partenaires historiques, et 3\/ remplacer dans le marketing l\u2019inspiration par la donn\u00e9e.<\/p>\n

Au d\u00e9but le plan fonctionne. En pleine pand\u00e9mie, les ventes en ligne explosent, les effectifs sont r\u00e9duits et le marketing digital fait le travail. Mais \u00e0 mesure que le monde rouvre, la r\u00e9alit\u00e9 appara\u00eet : Donahoe s\u2019est plant\u00e9.<\/p>\n

L\u2019\u00e2me de Nike c\u2019est le sport. Son fondateur, Phil Night, \u00e9tait un dingue de running \u2013 et son premier employ\u00e9 fut Bill Bowerman, son entra\u00eeneur de course \u00e0 l\u2019universit\u00e9 d\u2019Or\u00e9gon. Bowerman passait ses journ\u00e9es \u00e0 dessiner les chaussures qui permettraient de gagner quelques centi\u00e8mes sur la piste.<\/p>\n

Donc quand la suppression des cat\u00e9gories (running, football, basketball, fitness..) \u2013 qui sont remplac\u00e9es par Homme \/ Femme \/ Enfant comme chez Zara – est mise en place, certes cela permet de baisser les co\u00fbts car plus besoin d\u2019un responsable \u00ab Basket Ball \u00bb s\u2019il n\u2019y a plus de division du m\u00eame nom. Mais, \u00e0 travers ces d\u00e9parts, ce sont des ann\u00e9es de savoir-faire technique qui partent. Premier coup de couteau \u00e0 la marque.<\/p>\n

L\u2019obsession DTC, elle, a bris\u00e9 un r\u00e9seau de distributeurs fid\u00e8les : d\u00e9sormais ce qui compte, c\u2019est \u00ab Nike.com \u00bb. Des partenaires comme Foot Locker, dont les 2\/3 des ventes viennent de Nike, se voient trait\u00e9s comme accessoires \u2013 par exemple en ne leur donnant plus acc\u00e8s aux chaussures stars de la marque. La r\u00e9action vient vite : les distributeurs r\u00e9duisent la taille de Nike sur leurs \u00e9tag\u00e8res, et font rentrer une flopp\u00e9e de nouveaux concurrents qui n\u2019attendaient que cela. Deuxi\u00e8me coup de couteau.<\/p>\n

Enfin le marketing, une des grandes forces de Nike, perd lui aussi son \u00e2me. Nike \u00e9tait connu pour ses pubs l\u00e8ch\u00e9es qui donnaient \u00e0 chacun envie de faire son maximum \u2013 le type qui court \u00e0 l\u2019aube et se retrouve \u00e0 courir apr\u00e8s les feux verts \u2013 et Nike savait prendre des risques \u2013 cette pub l\u00e0 pour les Jeux de Sydney en 2000 a fait un toll\u00e9 \u00e0 l\u2019\u00e9poque .<\/p>\n

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Nike 2000 Sydney Games Ad<\/a><\/p>\n

 <\/p>\n

Mais Donahoe jette tout cela : \u00ab Data-driven les gars ! \u00bb Donc ce sera du marketing de performance, par milliards de dollars. Le marketing de performance, comme son nom l\u2019indique, vise une seule chose : le r\u00e9sultat chiffr\u00e9. Evidemment au d\u00e9triment de l\u2019image de marque. Troisi\u00e8me coup de couteau – descabillo devrais-je dire.<\/p>\n

La r\u00e9ponse viendra le 28 juin 2024, o\u00f9 Nike perd 20% en une s\u00e9ance dans un volume \u00e9norme. Donahoe quitte Nike trois mois plus tard. Aujourd\u2019hui Nike vaut $100 Mds, un tiers de moins qu\u2019\u00e0 l\u2019arriv\u00e9e de Donahoe<\/u>.<\/p>\n

Alors pourquoi je vous en parle ? Parce que contrairement \u00e0 d\u2019autres grands exemples de fiasco \u2013 Intel par exemple \u2013 ces erreurs ont fait du mal mais elles sont rattrapables \u2013 alors que couper la R&D pour faire des rachats d\u2019actions dans l\u2019univers des semi-conducteurs c\u2019est irrattrapable. Le nouveau CEO Elliott Hill, vient du s\u00e9rail. Il a d\u00e9j\u00e0 annul\u00e9 la majeure partie des d\u00e9cisions de son pr\u00e9d\u00e9cesseur. La machine se remet en marche. Les petits concurrents agiles comme HOKA et ON qui avaient profit\u00e9 de l\u2019aubaine sentent d\u00e9sormais le souffle du Swoosh sur leur nuque.<\/p>\n

Et on voit que les requins- marteaux s\u2019invitent \u00e9galement \u00e0 la partie. Bill Ackman de Pershing Square, a pris une participation importante dans NIKE \u2013 pas visible dans son 13F car prise \u00e0 travers des options. Ackman a dix participations seulement dans son fonds, c\u2019est une grande gueule et il veille au grain. Pas mauvais d\u2019\u00eatre \u00e0 c\u00f4t\u00e9 de lui.<\/p>\n

Comme le disait Massimo Gianco \u00e0 la fin de son papier \u00a0redresser Nike ne va pas se faire en un claquement de doigt. Mais cela commence \u00e0 prendre tournure et le march\u00e9 r\u00e9agira avant que tout soit au vert \u2013 regardez Kering. Entr\u00e9e de 1% de Nike \u00e0 $69 dans le fonds hier soir avec pour premi\u00e8re \u00e9tape le retour \u00e0 la case d\u00e9part, soit les $100 correspondant \u00e0 l’arriv\u00e9e de Donahoe.<\/p>\n

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Positions<\/u><\/strong><\/p>\n

 <\/p>\n

Au 14 Octobre, Monocle (part A) est \u00e0 +4.26% sur 2025 et \u00e0 +4.93% en annualis\u00e9 sur 3 ans.<\/p>\n

2024: +1.14%
\n2023: +7.67%
\n2022: -1.92%
\n2021: +4.23%
\n2020: +6.44%<\/p>\n

 <\/p>\n

Trump a secou\u00e9 le cocotier avec une nouvelle annonce vendredi qui a fait reculer la plupart de nos valeurs. Les tailles individuelles de ces lignes sont petites donc ce n\u2019est pas grave en soi.<\/p>\n

 <\/p>\n

Je note toutefois qu\u2019au plus bas le Bitcoin perdait 20% sur la s\u00e9ance<\/u> \u2013 ce qui a fait sauter quelques acteurs qui avaient du levier \u2013 et qu\u2019il n\u2019est pas folichon aujourd\u2019hui. Dans le contexte de valorisation actuelle, une explosion de la bulle crypto pourrait avoir des cons\u00e9quences sur le reste des classes d\u2019actifs<\/u>. A surveiller.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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De temps en temps, au milieu d\u2019un fatras de trucs inutiles, Linkedin vous offre une p\u00e9pite. 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