Brands
Nike’s Converse to cut jobs after revenue takes a sharp tumble
Nike-owned sneaker brand faces shake-up as sales slide 30 per cent worldwide
BOSTON: The iconic sneaker brand Converse, owned by Nike, is preparing for major job cuts after another sharp drop in quarterly revenue, highlighting the pressures facing the label. According to a Bloomberg report, an internal memo from chief executive Aaron Cain told staff that tough decisions were on the horizon, including farewells to colleagues. Cain also signalled that senior executives could be leaving as part of the shake-up.
The move comes after Nike’s latest results showed Converse revenue plunging 30 per cent to $300 million, with sales falling across all regions. The slump marks a continuation of negative growth for the brand.
Converse has increasingly been seen as a weak spot in Nike’s portfolio, even as the parent company pursues a wider turnaround under chief executive Elliott Hill. Nike is working to strengthen wholesale partnerships, boost innovation, and regain growth momentum following uneven demand in recent years.
Nike has been trimming its workforce in stages over the past few years. In August 2025, it cut just under 1 per cent of its corporate staff as part of turnaround efforts, while in February 2024 it announced a 2 per cent reduction, over 1,600 roles. Converse itself had also seen job cuts in May 2024 under Nike’s cost-saving plan.
While Converse contributes just 2.5% of Nike’s total revenue, analysts say its prolonged decline raises questions about the brand’s long-term role. Nike has sold off other acquired labels in the past, such as Cole Haan and Hurley, and some market watchers suggest Converse could be up for sale if recovery efforts fall short.
Nike has not commented on a potential sale, but Hill said the company is resetting the market for Converse under new leadership, hinting at more changes ahead.
The outlook for Converse remains challenging. Whether through restructuring, product innovation, or a future portfolio shuffle, the brand is shaping up as a key test of Nike’s ability to revive growth beyond its flagship line.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
