Nike Swoosh Reenters The Surf Chat

A swoosh appeared at the World Junior Championships in the Philippines this week. 

Adhered to the rail halfway up Sierra Kerr’s JS Industries tractor, the Nike logo designed in 1971 by Carolyn Davidson, a graphic design student at Portland State University who received a measly $35 for her now-iconic swoosh (and later stock options), marks the return of the footwear giant to surfing after a multi-year long hiatus. 

Following ABG’s licensing beef with Liberated Brands, which had major implications for brands: Volcom, Billabong, Quiksilver, RVCA + more, Volcom’s star Gen Z talent has shifted Red Bull to the nose position as a mark of their strong support. 

Nike, with whom Sierra has had a footwear partnership for two years, is now elevating her to their Global Athlete Roster and adding their iconic Swoosh to her board’s mid-rail. Discussions are ongoing for her apparel sponsorship, however Volcom are reportedly still in the mix. We’ll keep you posted on the wash up. 

View this post on Instagram

A post shared by World Surf League (@wsl)

When Nike first entered surfing in 2006, it seemed like an absurd pairing at the time. Nike stood for everything that was athletic and elite. Surfers, for the most part, still despised anything that might be perceived as either athletic or elite. The brand’s failed attempt at making aqua socks a thing didn’t help its street cred. 

“I don’t like outsiders coming into this industry thinking they’re smarter than us,” said former Billabong CEO Paule Naude in HSGP, recalling their first USD $750K gamble on a pubescent Kolohe Andino. “They wanted the youth to be the face of the brand,” explained photographer and Nike staffer, Jason Kenworthy. “Not the established guys like Andy, Bruce, Cory and Wardo, which I was initially apprehensive about.” 

You can deep dive into Nike’s complicated 20-year relationship with surfing here. For now, let’s focus on the present, and what this latest deal suggests about the industry’s health and Nike’s revised playbook.

In his 2025 Predictions podcast, NYU business professor Scott Galloway listed Nike, Intel, Boeing, and Target as prime candidates for acquisition or privatization, describing them as companies that have been “beaten up” in the public markets. Simultaneously, private equity’s capital has boomed, he notes, “Private equity firms have almost $3 trillion in capital that they need to deploy. They’re just going to go shopping.”

Over the past three years, Nike’s market capitalization has declined significantly. At the end of 2021, Nike’s market cap was approximately $263.55 billion. As of January 8, 2025, it stands at around $105.31 billion, representing a decrease of about 60%, making it an attractive target for private equity firms, who are in a strong position to pursue large-scale buyouts of these ‘fallen angels’.

In October 14, 2024, Nike appointed Elliott Hill as its new President and Chief Executive Officer. Last month, Hill announced his ‘turnaround plan’–citing reigniting the brand’s “obsession with sport” by prioritizing athlete-focused innovation, product segmentation, and bold marketing. 

While none of that screams ‘pouring cash into surf culture will dig us out of this financial rut,’ Nike’s renewed focus on action sports and strategic athlete partnerships suggests a calculated effort to rebuild its brand beyond the track and field.

By backing emerging talents like Sierra Kerr and reentering the surf market with a (hopefully) revised playbook, Nike may be signaling its intent to reestablish credibility and tap into niche but influential communities. Whether this move proves to be a savvy long-term investment or another misstep remains to be seen, but it underscores the brand’s willingness to take risks as a shadow of its former self.

Ergo: Just Do It.

Per Nike’s Brand of Athletes description, “Nike exists to serve the complete athlete, and shares their winning mentality.” 

Decorated with winning the WSL 2023 World Junior Championships, ISA World Juniors, Stab High Lakey Peak (with the best full-rote ever documented by a female), and 4/7 events listed on the 24/25 QS calendar, all while releasing groundbreaking films such as ‘Pre-Kerrsor’ on the side, Sierra aligns perfectly with Nike’s unapologetic quest to support cream talent.

You can read our Stab Interview with Sierra Kerr here.