Nike has announced that it has laid off an undisclosed number of employees in its tech department.
A company spokesperson stated a limited number of staff on its global tech team would be cut from the company as part of a cost-savings strategy as reported by Retail Dive.
The spokesperson said in a statement: “While this is the right business decision, it has impacted some teammates, which we don’t take lightly.”
It joins the growing list of retailers downsizing amid a challenging economic environment.
The layoffs come on the heels of a weak performance and a sales slump for the sportswear apparel retailer, which recently reported a 9% decrease in revenue to $11.3 billion.
Additionally, Nike is facing challenges with rising costs and tariff pressures and announced that it will increase its prices.
The sportswear giant will also resume direct sales on Amazon after previously leaving the e-commerce platform to focus on DTC sales.
“We regularly evaluate our business and make pricing adjustments as part of our seasonal planning,” the company commented.
Since taking the helm of the company in October 2024, the new CEO, Elliott Hill, has been implementing a turnaround strategy that includes streamlining its operations and a leadership reshuffle.
Last month, Nike promoted three executives in its C-suite team after Heidi O’Neill stepped down from her role as president of consumer, product, and brand.
The struggling retailer also plans to leverage partnerships to expand its business, previously announcing a collaboration with Kim Kardashian’s shapewear brand Skims in February.
Moving forward, the retailer also plans to gain momentum by improving its product innovation and assortments.
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