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The American company has a total employee strength of about 35,000. "Nike Inc will reduce its overall global workforce of nearly 35,000 by approximately five per cent. Nike will eliminate approximately 500 jobs from its world headquarters near Beaverton," the firm said in a statement on Thursday.
A major chunk of the job cuts are expected over the next several weeks. Nike has a significant presence in India and was also a sponsor for the Indian cricket team.
The footwear and apparel company said it started a review of its worldwide workforce in February mainly to create a stronger organisational structure, among others.
"Our new structure sharpens our consumer focus globally to drive continued growth while positioning Nike Inc. competitively in today's marketplace.
"We remain a growth company and we know these changes have created a stronger organisation that will enable us to invest in our most significant opportunities," Mark Parker, president and chief executive officer, Nike Inc said.