Nike cuts 2% of workforce to reduce costs

At Nike, the layoff of 1,600 staff, announced on February 15, 2024, is part of a US$2 billion cost-cutting plan over the next 3 years. In December, the company revised annual revenue forecasts downwards, fearing that consumer spending will become more cautious. “Apart from Black Friday or intense shopping periods like back-to-school, Nike is facing weak demand”, said C.F.O. Matt Friend.

To remember: Nike wants a more streamlined organisation and announced management changes in the ...