Nike announces job cuts as part of sweeping overhaul

Key Points:

• Nike CEO Elliott Hill announced a major restructuring aimed at making the company more agile and athlete-focused, which will result in job cuts starting in 2027, though the number of positions affected has not been disclosed.
• The overhaul, part of the "Pace" initiative, includes modernizing the supply chain, reorganizing into three geographic regions, establishing a new campus in Bengaluru, India, and relocating some leadership roles to Singapore to better serve the Asia Pacific and Greater China markets.
• Nike is addressing recent weak sales, particularly a 26% revenue decline in China, by streamlining operations to enable faster decision-making and greater investment in product innovation, brand storytelling, and consumer connection.
• The company expects the restructuring to generate approximately $2.5 billion in savings by fiscal 2031, with most savings occurring in fiscal years 2029 and 2030, and will provide more details at its Investor Day in November.
• This announcement follows an earlier reduction of about 1,400 jobs in Nike's Global Operations team, primarily impacting the technology division across multiple regions.