Nike has announced plans to undergo a company-wide restructure that will result in the loss of about 1400 jobs.
This equates to about two per cent of its the global sportswear retailer’s 70,700-strong workforce.
Nike said London will be one of the 12 cities around the world that will be prioritised as part of the overhaul, as they are expected to drive 80 per cent of the brand’s projected growth through to 2020.
The future of the brand’s other retail outlets in the UK is not yet known.
Nike also plans to combine its website, direct-to-consumer retail channel and digital products business, as well as reduce the number of footwear styles by a quarter.
Chairman and chief executive Mike Parker said the restructure would allow Nike to refocus on key markets and “deliver products faster”, as they become “even more aggressive in the digital marketplace”.