Nike appoints LVMH executive to board amid turnaround challenges

As Nike’s turnaround efforts continue to face challenges, the company is seeking guidance from the luxury sector. On Wednesday, Nike announced that Alexandre Arnault, who has been serving as deputy CEO of LVMH’s wine and spirits division Moët Hennessy since February 2025, will be joining its board of directors. Arnault brings a wealth of experience, having previously overseen the acquisition of luggage brand Rimowa and led the business for four years, in addition to his tenure at Tiffany & Co. and McKinsey & Company.

According to Nike Executive Chairman Mark Parker, “Alexandre has earned a reputation for helping iconic global brands evolve, innovate and grow in a changing, complex marketplace.” Nike CEO Elliott Hill added, “Alexandre understands how some of the world’s most influential brands stay relevant, deepen consumer connections and drive long-term growth. His experience across innovation, digital transformation and brand building will be an asset as we continue to strengthen our connection with consumers.”

This announcement comes about a week after news broke that Nike would lose its place on the S&P 100. That may be due more to accelerating growth at other companies than Nike’s protracted turnaround, but the long turnaround isn’t helping.

Challenges persist

Nike is also expected to face continued negative trends in its Converse business and China, both of which experienced double-digit declines in the company’s most recent quarter. Furthermore, the retailer has been adjusting its direct-to-consumer strategy, which had previously been overly ambitious. As part of this effort, Nike has been quietly closing its small-format Nike Live stores, and Guggenheim Securities analysts noted that Nike’s overall store count declined 4% last year. That puts the brand’s U.S. footprint closer to fiscal 2022 levels.