Our ELT is burning cash to win back our consumer but missing the macro economic viewpoint. Global Recession is on the horizon and if you thought the last reorg was bad, buckle up for a 7-10% layoff.
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We're still paying Colin Kaepernick millions every year - like wtf?!?!
No one gives a sh*t about CK! Colossal waste of money!
like when they spent 28 million on a rookie before laying off 2% of its workforce?
People should not be putting enslaving themselves with more debt.
This is so true specially for the younger generation. Two decades ago everything was cheap and one could easily buy a house and you could run a household using one income. Nowadays with the inflation and higher mortgage rates, younger generation is seeking financial freedom, early retirement, etc.
They will be more careful about how they spend their money. Yes, there are still people who spend on 50 pairs of sneakers but it is becoming less common.
Nike is too expensive and represents what now?
Seriously Nike made money using third world sweatshops and good marketing. In a society that is dying with no common culture anymore Nike is dead. People should not be putting enslaving themselves with more debt.
"Hooray, empowerment!" the executive board cheers, as the stock price nosedives from poor decisions spearheaded by unqualified VPs. Fu--ing con artists.
Trimming $2B of cost is hardly the problem.
It's reinvesting that into things people want.
Look at the VPs leading consumer spaces. One was on ABC the other day and she couldn't so much as stomach wearing a Nike top. But it's fine because she talked about how much she's doing for women and equity.
It's insulting at this point.
More than a global recession, I foresee the need to lower revenue guidance further to stabilize to a pull market. Unfortunately, if we reduce revenue guidance, investments also will need to be cut, which will lead to another round of layoffs in the next year or two.
Try 15% - 20% reduction if not more Nike is plainly f-c*ed. Promise to shave $2 billion with zero way to do that without whacking a huge number of employees. Global recession is absolutely coming, RIP Nike.