Nike plans to sell more shoes online, cut 1,400 jobs as part of restructuring (Source: PTI)
New York :
Nike wants to be more agile on its feet. The sneaker maker on Thursday said that it plans to sell more shoes directly to customers online as part of a restructuring in which it plans to cut about 1,400 jobs.
It will also reduce the number of sneaker and clothing styles it makes by a quarter and focus on hot sellers.
Nike said the moves will help it offer more products to customers faster. “We’re getting even more aggressive in the digital marketplace”, said CEO Mark Parker.
The company said a main focus will be the 12 key cities in 10 countries that it expects to represent more than 80 per cent of its projected growth through 2020. It also said it will make its apps, where shoppers can find and buy sneakers, available in more countries.
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Nike, which is based in Beaverton, Oregon, said the jobs cuts represent about 2 per cent of its 70,000 employees around the world. It declined to provide additional details about the cuts.
Shares of Nike Inc. fell nearly 3 per cent to $53.06 in midday trading.