Business · Singapore Bureau
Nike to cut jobs as turnaround efforts intensify, revenue outlook dims
The American sportswear giant announced plans for additional workforce reductions as part of a broader restructuring initiative. The company has cautioned that it expects a significant decline in revenue in the period ahead.
LSN Singapore ·
Nike is accelerating its operational overhaul with fresh job cuts aimed at reversing a slowdown in its business performance. The company disclosed the staffing reductions on Thursday but said it has yet to finalise specific details regarding the scale and nature of positions to be eliminated.
The announcement comes as Nike grapples with softer-than-expected demand across key markets. The footwear and apparel manufacturer has warned investors to expect a steep contraction in revenue, signalling that challenges in consumer spending and market competitiveness remain entrenched.
The cuts represent the latest move in Chief Executive Officer Elliott Hill's comprehensive turnaround strategy since taking the helm earlier this year. Nike has already undertaken several rounds of restructuring to streamline operations and improve profitability, though the company continues to face headwinds in executing its transformation agenda.
The Beaverton-based company, which generates substantial revenue from Asia-Pacific markets including Singapore, has not disclosed how the latest reductions will affect its regional workforce. Industry observers suggest the restructuring reflects broader challenges facing major athletic brands as consumer preferences shift and economic uncertainty weighs on discretionary spending globally.