Nike Adds LVMH Executive Alexandre Arnault to Its Board as Turnaround Push Continues

Nike shares climbed after the company announced it has appointed Alexandre Arnault, deputy CEO of LVMH's wines and spirits division, to its board of directors — a bet on luxury-sector expertise as the sportswear giant tries to claw back from a brutal stretch that has wiped out most of its market value.

Arnault's appointment became effective September 15 and runs through Nike's 2027 annual shareholder meeting. He's currently deputy CEO of Moet Hennessy, LVMH's wine and spirits arm, and previously spent four years as executive vice president of product, communications and industrial at Tiffany & Co., where he helped lead the brand's turnaround after LVMH's acquisition. Before that, he ran LVMH's acquisition of luggage maker Rimowa and served as its CEO for four years. He received a sign-on grant of restricted Class B shares valued at $200,000.

The appointment brings luxury-sector experience onto Nike's board as CEO Elliott Hill pushes a turnaround built around product innovation and rebuilding the brand's connection with consumers. Nike is coming off a fiscal 2026 that saw revenue drop 2% on a currency-neutral basis to $46.4 billion, with the company warning sales would keep falling through the first half of fiscal 2027.

Nike's stock has fallen more than 40% in 2026 and is on pace for a fifth straight yearly loss. Its market cap, once near $264 billion at its November 2021 peak, now sits around $55 to $57 billion. The company was removed from the S&P 100 index effective September 21, after 18 years on it, though it remains on the broader S&P 500. Shares still rose more than 2% on news of Arnault joining the board, a sign investors are open to the idea that outside expertise could help steer the turnaround.