Nike Inc. is entering the second stage of restructuring, which includes up to a 4 percent reduction in its workforce of nearly 35,000 global employees.
The active giant said Tuesday it will review its entire supply chain from the sourcing base to the retail footprint to reduce management layers and leverage efficiencies to increase speed-to-market advantages globally. The exact number, timing and location of positions cut will not be known until the review is completed by the end of the fiscal year, which is May 31.
“In light of the current economic climate, it is more essential than ever to sharpen our focus on the consumer to maximize opportunities for product innovation and brand management in the marketplace,” said Mark Parker, president and chief executive officer of Nike. “The decision to reduce our workforce is a difficult one, but it will put our business in the strongest position possible to continue to deliver long-term profitability and growth.”
The Beaverton, Ore.-based company said Tuesday’s development is an evolution of Nike’s decision two years ago to reorganize the Nike brand along key global sport categories.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)