In recent years, Nike has shifted more of its focus from cutting-edge footwear for serious athletes to lifestyle clothing and shoes; Nike executives blamed the slowdown in its most recent quarter in part on lifestyle brands, including Air Force 1 and Dunk. In an interview with the Wall Street Journal earlier this year, the CEO admitted Nike has lost its "sharp edge" in sports and would have to reestablish its "disruptive innovation pipeline." That strategic shift has left an opening for newer brands to swoop in, and has also given established brands like Brooks, Hoka, and New Balance more room to go after the serious runner market. Last year, New Balance's revenue rose 23%, while Hoka's sales rose 14%. In a research note published Friday, TD Cowen analyst John Kernan wrote that Nike must "aim to accelerate innovation cycles to get relevant performance and lifestyle newness into the marketplace, and become a nimbler organization."