Nike is shrinking on every front and just lost soccer's biggest star to a Swiss upstart — bad news for the brand, its shareholders, and the Jordan franchise.

• Kylian Mbappé signed with On, not Adidas or Puma, after On first hired his idol Thierry Henry to make the pitch.
• Nike's market value has fallen from more than $260 billion in 2021 to around $50 billion.
• Sales in China have dropped nine quarters in a row, with the latest quarter down more than 20%.
• Nike cut out the retailers who built it, betting on selling direct — and its own digital sales are now falling too.
• It also passed on the foam technology that became On's signature shoe, then leaned on retro Air Max and Jordan releases instead of new ideas.

Outlook: A turnaround under returning CEO Elliot Hill is possible but slow, and rivals like On, Hoka, and Adidas are taking share while Nike still has no answer to the question of who its next Michael Jordan is.