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Definitely this.
Nike seem to have lost the yoot man completely...but they don't have loads of cash and will flip back in a heartbeat given the right message anyway.
Adidas shoes may sell out quickly and be all over IG but aren't their units produced/sold significantly less than nike, even jordan? Sales numbers say so.
But nike are feeling it for sure. I know their reps have been told to reign in their expenses (don't think they can even book hotels anymore for shop visits). Nike currently have their 9 global masters of air decamped to oregon to have dinner with tinker and are debating such questions as 'what can we do to make air max day better?' and such wank, showing a lack of creativity or appreciation for whats going on.
Fact is the majority of nike shoes are made of shit. Retro's and GRs are the worst culprits - todays footscape is atrocious. Collectors aren't buying anything. So now anyone with a half decent IG following gets GR's thrown at them. No one is doubling or tripling up on anything as the 99% of releases are diabolical, but they would be if the shoes were worth buying.
There are occasional gems. Just the hypnotic release rate makes it harder to spot and also needs reigning in. The AF1 flyknit (especially the nikelab) has transformed that shoe. The recent nike air AJIV is one of best retros ever. Despite the totally fucked heel cup, the AM1 ID shape like Bjorn's is up there. The nike air AJV and AJIII are coming and the IV bred cannot be far behind. So far from swoosh oblivion but they're going to have to respond and they'll get it right eventually.
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d-goods
Define killing.
Losing a couple of market share points when you've been killing the market for years.
If anything, the re-emergence of Adidas should keep Nike on their toes.
Adidas pinching the Nike designers is clearly having the desired impact but I doubt it that it's a huge difference to Nike's performance