Business DevelopingRestructuring

Nike Plans Job Cuts and Restructuring amid Revenue Decline Forecasts

Published 3h ago · Updated 1h ago

Covered in 2 countries

AI summary39s readNegative

Nike is cutting staff and expanding operations in India to reverse falling sales and internal missteps.

Sportswear manufacturer Nike is planning workforce reductions as it anticipates a drop in revenue over the coming year. The measures form part of a broader turnaround strategy aimed at addressing strategic missteps that have hurt the company's recent performance. As part of its realignment, the firm also plans to establish a new corporate campus in India.

Nike expects a fall in revenue over the coming fiscal year following missteps in its direct-to-consumer and retail strategy.
The company is cutting positions across its workforce as part of a cost-reduction and turnaround effort.
Nike plans to open a campus in India to support its restructured international operations.

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Why it matters

Nike has faced increasing competition and criticism over recent strategic shifts that alienated retail partners and strained consumer loyalty, prompting leadership to overhaul operations.