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.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.