The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Nike Inc. is cutting about 2 percent of its workforce as the athletic brand revamps global operations, part of a bid to move faster and ward off competition from Adidas AG and Under Armour Inc.
The overhaul is an attempt to speed up product development and refocus on key markets, chief executive officer Mark Parker said in a statement Thursday. Nike had more than 70,000 jobs at the end of fiscal 2016, suggesting that the cuts could affect about 1,400 workers.
The company is looking to grow by focusing on 12 key cities: New York, London, Shanghai, Beijing, Los Angeles, Tokyo, Paris, Berlin, Mexico City, Barcelona, Seoul and Milan. They’re expected to drive 80 percent of the brand’s growth through 2020, Nike said.
By Nick Turner.
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.