Nike continues to lean back into its wholesale partnerships — and enlisting the help of a former executive to get it right.
The Swoosh has rehired former senior executive Tom Peddie to the role of vice president of marketplace partners, Nike confirmed in a statement. The news was first reported by Bloomberg.
Peddle worked at Nike for 30 years, culminating in his role as vice president and general manager of North America, before he retired in 2020, the report noted. He rejoins at a critical time for Nike, which recently announced a renewed focus on the wholesale sector after pulling out of many doors in 2021 to focus on direct-to-consumer sales.
“Tom Peddie will be returning to Nike as VP, Marketplace Partners after Jim Reynolds’ retirement after 18 years with Nike,” Nike said in a statement. “Tom spent many years at Nike leading Global Sales before becoming the GM of Emerging Markets, and then heading up the North America geography. He is a seasoned leader with a proven business track record and experience building high-performing teams. We are excited to have him return to Nike.”
FN has reached out to Peddie for a comment.
Nike’s wholesale emphasis — one of a few key areas the sportswear giant is looking to improve — marks an interesting reversal from Nike’s DTC-focused strategy (“Consumer Direct Acceleration” CDA) that had been the brand’s North Star since June 2020. This plan involved zeroing in on DTC and digital channels and pulling out of some wholesale doors. In recent months, market watchers become increasingly skeptical of Nike’s progress with this plan, as the Swoosh re-entered or reinvigorated its wholesale partnerships with retailers such as DSW, Macy’s and Foot Locker.
Last month, Nike cut its outlook for the upcoming fiscal year of 2025 after it reported a sales miss in Q4. In light of its current challenges — which include declines in lifestyle sales, foreign exchange headwinds and macroeconomic uncertainty — Nike now expects revenues for fiscal year 2025 to be down in the mid single digits, with revenues for the first half of the year down in the high single digits.
Wholesale sales in the fourth quarter grew 8 percent.
