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Nike expects to cut 2% of its global workforce as a result of a corporate restructuring programme

The sportswear group said the programme, called the ‘Customer Direct Offense’, will see a new corporate structure focused on 12 cities across 10 countries
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Nike added that it is cutting 25% of its styles, and is reducing product creation cycles in half

Nike Inc. (NYSE:NKE) has said it expects to cut 2% of its global workforce, or about 1,400 workers, as a result of a corporate restructuring programme.

The sportswear group said the programme, called the ‘Customer Direct Offense’, will see a new corporate structure focused on 12 cities across 10 countries, including New York London, Tokyo and Barcelona.

Nike, which has 70,700 employees, added that these areas are expected to represent 80% of the company's growth through 2020.

The company said it will now report based on four operating segments - North America; Europe, Mideast and Africa; Greater China; and Asia-Pacific and Latin America.

The group added that it is cutting 25% of its styles, and is reducing product creation cycles in half.

In reaction to the restructuring, in early New York trading, Nike shares were 2.3% lower at US$53.38.



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September 25 2015
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September 25 2015

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