Brands
Nike to lay off 775 employees
MUMBAI: Nike is trimming muscle. The world’s biggest sportswear brand is laying off around 775 employees as it steps up automation and pares back costs in a renewed push for profitability.
The cuts will largely hit distribution-centre roles in Tennessee and Mississippi, where Nike runs major warehouse operations, according to a Reuters report. The move is part of a wider restructuring as the company tries to streamline its supply chain and reignite growth after a prolonged slowdown.
In a statement, Nike said the workforce reduction is designed to “reduce complexity, improve organisational flexibility, and support our path to profitable growth”.
The job losses are the latest in a series of retrenchments. In August 2025, Nike cut about 1 per cent of its corporate workforce as part of a turnaround drive under chief executive Elliott Hill, who took the helm in 2024. The brand has been struggling to regain momentum in a market crowded with nimbler rivals and shifting consumer tastes.
Pressure is coming from several fronts. In the second quarter, Nike flagged stress on gross margins as demand weakened in China and the company worked through a reset of its product mix. Sales in China slumped 17 per cent, marking the sixth straight quarterly decline in the key market.
Tariffs are biting too. Matthew Friend, chief financial officer, has warned that US tariffs on Southeast Asian countries—where Nike manufactures much of its footwear and apparel—are expected to cost the company $1.5 billion in 2025, calling them “a significant headwind”.
The numbers underline the strain. Nike posted second-quarter revenue of $12.43 billion, while net income fell 32 per cent year on year. As of May 2025, the company employed about 77,800 people worldwide, including retail and part-time staff.
Under Hill, Nike is doubling down on its roots—pouring investment into core sneaker franchises, refocusing on performance-led sports such as running and football, and reshaping how products are made and moved.
Fewer hands, more machines—and a hard sprint to stay ahead.
Brands
Hyundai and TVS Motor partner to develop electric three wheelers
Joint development pact targets last mile mobility with localisation push
MUMBAI: Three wheels, one big ambition and a charge towards the future. Hyundai Motor Company and TVS Motor Company have signed a joint development agreement to co-create electric three-wheelers (E3Ws), aiming to crack India’s complex last-mile mobility puzzle. The collaboration moves beyond concept talk into execution mode, building on the E3W prototype first showcased at the Bharat Mobility Global Expo 2025. The goal now is clear, design, develop and commercialise a purpose-built vehicle tailored to Indian roads, riders and realities.
Under the agreement, Hyundai will lead design and co-development, bringing its global R&D muscle and human-centric engineering approach to the table. TVS Motor, meanwhile, will anchor the product on its electric platform, leveraging deep three-wheeler expertise and local market insight. It will also handle manufacturing and sales in India, with an eye on exports down the line.
The timing is strategic. India remains the world’s largest three-wheeler market, where affordability, durability and adaptability often outweigh sheer innovation. The upcoming E3W aims to strike that balance combining advanced technology with practical features such as adaptive ground clearance for monsoon-hit roads, improved thermal management for tropical climates, and flexible interiors suited for passengers, cargo or emergency use.
A key pillar of the partnership is localisation. Major components will be sourced and manufactured within India, a move expected to strengthen the domestic supply chain, create jobs, lower costs and improve after-sales support.
The shift from prototype to production will involve rigorous testing, certification and refinement to meet regulatory standards and consumer expectations. Dedicated cross-functional teams from both companies are already in place to accelerate timelines.
At a broader level, the tie-up reflects a growing trend in mobility, global players partnering with local specialists to navigate emerging markets. For Hyundai and TVS, the bet is that combining scale with street-level insight could unlock a new chapter in sustainable urban transport, one that runs not just on electricity, but on relevance.
