You're missing one aspect: Nike relentlessly promoted wokism. It triggers 2 parts: Gives you less time to market to WASP; It makes your shops the first in line

You're missing one aspect: Nike relentlessly promoted wokism. It triggers 2 parts: Gives you less time to market to WASP; It makes your shops the first in line during mass unrests, which in turn floods the local market with cheap versions of your shoes. Those big ads subtitled "Black culture" with a body-positive woman, on a 30mx30m, hung on the scaffolding of a magnificent Haussmann-period palace, it does have an effect on customer identification to your brand.