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
Lululemon picks former Nike executive to be its next chief
Heidi O’Neill, who helped grow Nike into a $45 billion giant, will take the top job in September
CANADA: Lululemon has found its next chief executive, and she comes with serious credentials. The athleisure giant named Heidi O’Neill as its new CEO on Wednesday, ending a search that has left the company running on interim leadership since earlier this year. O’Neill will take charge on September 8, 2026, based out of Vancouver, and will join the board on the same day.
O’Neill brings more than three decades of experience across performance apparel, footwear and sport. The bulk of that time was spent at Nike, where she was a central figure in one of corporate sport’s great growth stories, helping take the company from a $9 billion business to a $45 billion global powerhouse. She oversaw product pipelines, brand strategy and consumer connections, and played a significant role in shaping how Nike spoke to athletes around the world. Earlier in her career, she worked in marketing for the Dockers brand at Levi Strauss. She also brings boardroom experience from Spotify Technology, Hyatt Hotels and Lithia and Driveway.
The board was unequivocal in its enthusiasm. “We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent,” said Marti Morfitt, executive chair of Lululemon’s board.
O’Neill, for her part, was bullish. “Lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” she said. “My job will be to accelerate product breakthroughs, deepen the brand’s cultural relevance, and unlock growth in markets around the world.”
Until she arrives, Meghan Frank and André Maestrini will continue as interim co-CEOs, before returning to their previous senior leadership roles once O’Neill steps in.
Lululemon is betting that a Nike veteran who helped build one of the world’s most powerful sports brands can do something similar for an athleisure label that has genuine love from its customers but is still chasing its full global potential. O’Neill has done it before at scale. The question now is whether she can do it again.
