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Nike Cuts 2 Percent of Workforce

The sportswear giant said the move is part of plans to revamp its global operations, as it attempts to move faster and ward off competitors like Adidas and Under Armour.
Nike Metcon | Source: Nike
By
  • Bloomberg

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.

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