Nike said on Thursday it would cut 2% of its global workforce (1400 workers) and eliminate a quarter of its shoe styles as it looks to become nimbler in the face of intensifying competition and fast-changing trends.
In the midst of NBA finals, a new performance footwear brand Q4 Sports has launched five debut styles designed to bring affordable quality basketball footwear technology to consumers without the hype of big brands.
Recent successes in the North American market, including beating out Nike for the first time for the top selling sneaker in the U.S. and eclipsing Under Armour in sales all bode well for the German sportswear giant.
Nike has funded a study that shows compression apparel does nothing for performance, which could set back competitors in the compression apparel market, such as Under Armour for which compression wear is a core product.
Brexit is looming but London is still the top springboard into Europe for retailers, new figures from CBRE have shown. But Hong Kong is global leader while Dubai and Doha show the Middle East remains key.