Nike rehires former executive to strengthen the wholesale business
Veteran executive Tom Peddie will return to Nike as vice president of marketplace partners. The appointment comes at a time of slowing sales and strained relationships with retail partners
The US-based sportswear giant has announced the return of Tom Peddie, who worked at Nike for 30 years before the company announced his retirement in 2020, as its vice president of marketplace partners. “As we continue to focus and improve capabilities in our wholesale business, I am confident that Tom will bring both vision and bold leadership to accelerate the Marketplace strategy”, Craig Williams, Nike’s president of geographies and marketplace, said in an internal memo seen by Bloomberg.
At a time of slowing sales, Nike is trying to rebuild relationships with retailers such as Foot Locker and Designer Brands, after pulling products from many stores in favour of its stores, e-commerce and apps. During the company’s third-quarter earnings call, Nike’s leadership signalled the importance of wholesale partners and unveiled plans to increase investment in the segment.
This renewed focus aims to harmonise Nike’s DTC strategy of recent years. While this has allowed the company to increase profits and use customer data better, it has also resulted in higher marketing and infrastructure costs. In addition, Nike is also handling more returns and inventory, something that was previously in the hands of its wholesale partners.
Peddie, who has held several senior management roles during his career at Nike, including general manager of emerging markets and vice president and general manager of North America, rejoins then the company at a critical time and is expected to help the company strengthen the wholesale business.
Image Credits: dezeen.com
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