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Brand has begun to dabble in cycling footwear market

Nike to cut workforce by four per cent

Nike has announced a company restructuring, in which around 1,400 jobs worldwide may be cut. Nike employs arouns 35,000 people.

“The power of the Nike brand and the diversity of the Nike portfolio continues to be a competitive strength, “said Mark Parker, President and CEO of Nike. “In light of the current economic climate, it is more essential than ever to sharpen our focus on the consumer to maximise opportunities for product innovation and brand management in the marketplace. 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.”

Nike has begun to take a heavier interest in the cycle market, particularly footwear and extreme sports athletes.

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