From Financialexpress · Ashima Grover · · 1m 10s
Nike Plans More Layoffs from 2027
Nike aims to save $2.5 billion through 2031 layoffs under 'Pace' restructuring.
In brief
Nike aims to save $2.5 billion through 2031 layoffs under 'Pace' restructuring. Nike plans additional job cuts starting in 2027 to save $2.5 billion by fiscal 2031. Originally reported by Financialexpress.
Nike Announces 'Pace' Restructuring
Nike plans to cut more jobs in 2027 as part of its 'Pace' restructuring to save $2.5 billion by fiscal 2031.
Mixed Q1 Results
Nike reported $712 million net income down 2% from $727 million, with revenue dropping 4% to $11.21 billion.
China Sales Decline
Nike's China business saw sales fall 26% in Q1 despite historically being a profit driver.
CEO's Layoff Plan
CEO Elliott Hill said job cuts will begin in 2027 to make Nike more agile and athlete-focused.
Global Layoffs
Nike plans to lay off 1,400 employees globally in technology roles across North America, Asia and Europe.
Previous Layoffs
Nike already cut 775 employees in January 2024 and over 1,600 in February 2024 before this wave.
New Bengaluru Campus
Nike plans a new campus in Bengaluru, India to support operations across Nike, Jordan Brand and Converse.
The essence
Nike plans additional job cuts starting in 2027 to save $2.5 billion by fiscal 2031.
