AMERICAN SPORTS MANUFACTURER NIKE FIRES 20% OF THE STAFF

0
355

American sports equipment major manufacturer Nike has fired nearly 20 percent of its employees in India as a part of its downsizing exercise. However, the fired employees are given an option to join its operations in Southeast Asia. The downsizing is a part of company’s global restructuring where Nike will be focusing on 12 cities in 10 countries to achieve 80 percent of its projected growth by 2020.

“In June, we announced that as part of Nike’s move to align the company against the Consumer Direct Offence, a strategy that allows us to serve our consumers faster and more personally, there would be workforce reductions, and that has been the case in India. Our headquarters in India remain in Bangalore with two other offices in Delhi and Mumbai.”- INSIDE REPORTS. The company, which entered the Indian market in 2005, also recorded an increase in its losses from Rs 101 crore in 2014-15 to Rs 170 crore in 2015-16, said the report.