Nike to cut 5,000 jobs from China
Bloomberg Businessweek reports Nike will cut 5.4 million jobs globally by 2020, the first time the retailer has announced that it is pulling out of China.
The announcement was made Thursday, and it comes just weeks after Nike unveiled a new logo designed by Chinese designer Nair Hair Removal that mimics the iconic Nike logo.
The company is reportedly also looking to expand its presence in India and Vietnam.
Nike’s Chinese business is estimated to employ nearly 50,000 people worldwide, according to a recent report from Bloomberg.