New York - Nike is cutting about 2 percent of its workforce as the athletic brand revamps global operations, part of a bid to move faster and ward off competition from Adidas and Under Armour.
The overhaul is an attempt to speed up product development and refocus on key markets, Chief Executive Officer Mark Parker said in a statement . Nike had more than 70,000 jobs at the end of fiscal 2016, suggesting that the cuts could affect about 1,400 workers.
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The company is looking to grow by focusing on 12 key cities: New York, London, Shanghai, Beijing, Los Angeles, Tokyo, Paris, Berlin, Mexico City, Barcelona, Seoul and Milan. They’re expected to drive 80 percent of the brand’s growth through 2020, Nike said.