Nike Cutting 2% Of Global Workforce

Thursday, June 15, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Jun 15, 2017

n a preview of more pain to come for US, and global, workers, moments ago Nike announced that it will soon be parting ways with approximately 2% of its 70,700 global workforce, or roughly 1,500 employees.

Nike introduced the Consumer Direct Offense, a new company alignment, resulting in leadership and organizational changes as part of which the company would see an overall reduction in about 2% of the company’s global workforce to “streamline and speed up strategic execution.”

In addition to the mass layoff, Nike is realigning its regional units as it focuses on driving growth in its most important markets and getting new products to market more quickly. Among the details:

Cutting product styles by 25%, but will offer deeper selection of key franchises
Aiming to cut creation cycle in half to speed new products to market
Consumer Direct Offense program under NKE Brand President Trevor Edwards to focus on improving growth in New York, London, Shanghai, Beijing, Los Angeles, Tokyo, Paris, Berlin, Mexico City, Barcelona, Seoul, Milan
Sees targeted cities accounting for 80% of projected growth through 2020
Realigning geographic segments to 4 regions from 6; will report results under North America, EMEA, Greater China and Asia Pacific and Latin America starting in fiscal 2018

Discussing the corporate overhaul, Trevor Edwards, President of the NIKE Brand said that “today we serve our athletes in a changing world: one that’s faster and more personal. This new structure aligns all of our teams toward our ultimate goal — to deliver innovation, at speed, through more direct connections.” It will also deliver what is likely the start of many layoffs.

The Rest…HERE

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