Shoe's on the other foot

John Donahoe, chief executive of Nike, recently attributed the company's innovation slowdown and dearth of fresh products to the challenges posed by remote work.

When asked about the company's lack of groundbreaking new offerings in a CNBC interview, Donahoe said it was difficult to achieve bold, disruptive innovation when employees are working from home.

He said its footwear factories in Vietnam were forced to shut down during the Covid pandemic, but even more significantly, Nike's employees worked remotely for two and a half years.

However, Donahoe noted that Nike has taken proactive steps to address this issue, including realigning its approach and bringing teams back together in person 18 months ago.

Donahoe assured investors that Nike's innovation pipeline remains strong. Consumers can expect to see new product releases each season, accompanied by the compelling storytelling that Nike is renowned for.