[7777777phil]

You're right, fashion cycles deserve more attention. I deliberately focused on Nike's structural problems, but you can't ignore that Adidas caught a wave with the Samba revival. The difference is Nike used to be good at riding those cycles too. Air Force 1s, Dunks, Jordans. What's changed is their ability to manufacture and sustain cultural relevance alongside performance credibility. Adidas found a moment; Nike lost the machinery that used to generate those moments reliably.