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Top related persons:
Matt Friend - 2 London CNN — - 1 ” - 1 Nathaniel Meyersohn - 1 Locker - 1 — - 1 Brands - 1 Macy's - 1
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China Europe ” China Germany
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Nike - 2 London CNN - 1 London CNN — Nike - 1 Brands - 1 Service - 1 Wall Street Journal - 1 Adidas - 1 BMO Capital Markets - 1

Search resuls for: "Matt Friend"


8 mentions found


☆ Nike layoffs: Sportswear giant is cutting about 1,700 jobs
  + stars: | 2024-02-16 | by ( Olesya Dmitracova | ) edition.cnn.com   time to read: +2 min
London CNN —Nike will lay off about 2% of its employees, or close to 1,700 people, as the sportswear behemoth looks to cut as much as $2 billion in costs. In December, Nike slashed its revenue forecast and announced cost cuts amid growing concerns that consumers around the world are slowing their spending. The company said it was looking for up to $2 billion in savings over the next three years. Nike is also facing tough competition from upstart brands like Hoka and On Cloud. And Germany, the region’s biggest economy, shrank last year for the first time since the onset of the Covid-19 pandemic.
Persons: London CNN —, ”, Matt Friend, Nathaniel Meyersohn Organizations: London CNN, London CNN — Nike, Nike Locations: China, Europe, ” China, Germany
☆ Nike is mending relationships with retailers as more brands recognize the constraints of direct-to-consumer models
  + stars: | 2023-06-11 | by ( Ashley Rodriguez | ) www.businessinsider.com   time to read: +3 min
Nike is striking new deals with retailers as brands realize the DTC model isn't all it's cracked up to be. Designer Brands, Macy's, and Foot Locker have each announced expanded relationships with Nike. But, more recently, Nike has expanded partnerships with retailers, including Macy's and DSW owner Designer Brands, the Wall Street Journal reported. In a May presentation, Daniel Heaf, vice president of Nike Direct, said, "People always ask me: Are you a direct business or a wholesale business? Nike's wholesale business grew faster than its direct business between September and November, showing it's still key to the overall business.
Persons: Locker, —, Brands, Macy's, Matt Friend, Daniel Heaf, it's, Simeon Siegel, Siegel Organizations: Nike, Brands, Service, Wall Street Journal, Adidas, BMO Capital Markets, DTC
☆ Nike has slowed hiring, and expects the slowdown to continue into June
  + stars: | 2023-03-21 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +2 min
On a call Tuesday with stock analysts, Nike CFO Matt Friend said Nike recently slowed hiring. Friend said the effort started two quarters ago and Nike expects it to continue into the summer. Friend said the hiring slowdown is part of an effort to manage expenses given an uncertain economy. He characterized the hiring slowdown as a way to manage expenses against an uncertain economic backdrop. In February, Nike laid off a handful of employees, including in recruiting, seemingly reflective of reduced demand to hire more workers.
☆ Nike is going all in on luxury-obsessed Gen Z
  + stars: | 2023-01-15 | by ( Danni Santana | Matthew Kish | ) www.businessinsider.com   time to read: +3 min
Nike CEO John Donahoe on CNBC this week said the company is focused on Gen Z in China. But some sneaker brands like Nike are deliberately targeting Gen Z and their supposedly frivolous spending habits to help bolster sales. The semiannual Piper Sandler survey of teenagers, which includes Gen Z, shows Nike and its Converse brand, and rival Adidas, atop the footwear category in the US. "I think that the buying power of our customer is much higher than it used to be," Schultz told reporters, referring to Gen Z. Meanwhile, Anta in mid-2021, announced a five-year strategy that includes focusing on Gen Z.
☆ Why sneaker prices are at a 40-year high, with one economist comparing them to an 'erratic' EKG
  + stars: | 2023-01-06 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +4 min
Footwear prices increased more in 2022 than in any of the previous 40 years. A sneaker economist expects footwear inflation to moderate this year. That goes for sneaker prices, too. Through November, footwear prices were up 4.96% in 12 months, while inflation was running at 7.1%. "It was unlike anything the industry had ever seen before," he told Insider, describing footwear prices the last few years as "suddenly erratic, like an EKG."
☆ This week's best-performing stocks include a popular sports apparel name and a drug maker
  + stars: | 2022-12-23 | by ( Samantha Subin | ) www.cnbc.com   time to read: +2 min
Stocks struggled this week as recession fears resurfaced, putting a damper on last hopes for a market uptick. CNBC Pro used FactSet data to screen for the stocks with the greatest week-to-date percentage changes as of Friday's open. About 46% of analysts rate the stocks as a buy, with the consensus price target implying upside of more than 7% from Thursday's close. The stock's down about 49% this year, but the consensus price target suggests shares stand to gain more than 41% from Thursday's close. Energy stocks APA Corp and Halliburton also made the list, with shares rising 4% and 6.4%, respectively, this week, as of Friday's open.
☆ Nike is aggressively opening new stores as it pushes forward on its plan to sell directly to consumers. Wall Street isn't sold on the strategy.
  + stars: | 2022-09-26 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +7 min
The stores are popping up all over the US and significantly increase Nike's store footprint. At the time of the filing, the company had 209 clearance stores and 48 full-price stores. The other 87 Nike stores were for its Converse brand. Even much smaller competitors, such as Allbirds, operate nearly as many full-price stores, roughly 35, as Nike does. Nike's new stores opening in the US and Europe appear to be a mix of the recently introduced Live and Unite formats.
☆ Nike's betting big on DTC, but it'll be a 'battle' to engage customers without retailers, analyst warns
  + stars: | 2022-09-23 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +3 min
At Nike's annual shareholder meeting two weeks ago, top executives once again defended the company's ongoing shift to more direct sales. Direct sales increased 7% to $4.8 billion in Nike's most recent quarter as it cuts down its reliance on wholesale. But yet another analyst is questioning the logic of the company's drastic pivot to direct sales. For decades, Nike largely operated through wholesale partners, such as department stores, sporting goods retailers, and mom-and-pop sneaker shops. At its annual shareholder meeting this month, CFO Matt Friend said the DTC strategy has driven a 2.6 percentage point increase in the company's gross margin in two years.
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