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
Dunkin’ Donuts to exit India as Jubilant FoodWorks ends 15-year franchise deal
The quick service restaurant giant is ending a 15-year franchise partnership with the American doughnut chain, even as it renews its Domino’s agreement for another 15 years
NOIDA: Dunkin’ is done in India. Jubilant FoodWorks Ltd, the country’s leading quick service restaurant operator, has decided not to renew its franchise agreement with the American coffee and doughnut chain, and will wind down its Indian stores in a phased manner before December 31, 2026, bringing a 15-year partnership to a quiet, loss-laden close.
The decision, approved by JFL’s board on March 30, 2026, ends a relationship that began with a Multiple Unit Development Franchise Agreement signed on February 24, 2011. JFL will now evaluate and undertake what it described in a regulatory filing as the “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights,” all in consultation with Dunkin’s brand owners and strictly within the terms of the original agreement.
The numbers tell the story bluntly. In the financial year 2024-25, Dunkin’ India posted a revenue of Rs 37 crore against a loss of Rs 19 crore — a haemorrhage that was always going to test the patience of a parent company recording revenues of Rs 6,104 crore and a profit of Rs 194 crore in the same period. Doughnuts, it turns out, were never going to move the needle.
The contrast with JFL’s handling of its other marquee franchise could hardly be sharper. Even as it walks away from Dunkin’, the company has just doubled down on Domino’s, signing a fresh Master Franchise Agreement on March 31, 2026, granting it exclusive rights to develop and operate Domino’s Pizza stores in India for 15 years, with an option to renew for a further 10.
JFL, incorporated in 1995 and promoted by the Bharatia family, operates a network of more than 3,500 stores across six markets — India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Its portfolio includes Domino’s and Popeyes on the global side, and two home-grown brands: Hong’s Kitchen and COFFY, a café brand in Turkey.
For Dunkin’, India was always a stretch. The brand never quite cracked the cultural code in a market where filter coffee and chai command fierce loyalty and where the doughnut remains, at best, an occasional indulgence rather than a daily habit. Fifteen years, mounting losses and a parent with better things to spend its capital on was always going to be a difficult equation to solve.
The doughnut has had its last day. The pizza, however, is staying.
