Nike has laid off its workforce in India asking them to join its Southeast Asia operations and also scrapped a plan to open an office in Bengaluru.
Nike consolidation comes because of a pandemic and the company's global strategy to shift focus to online markets.
This move reminded of a similar move by the company in 2016 in which Nike closed 35% of its stores in India and for the shutting of 150 stores last year.
Even though Nike will remain in India, its diminishing presence indicates the fact that Nike did not localize its products for India which led to difficulty in cutting losses. Covid-19 made it even more difficult as it had a huge impact on the retail sector. As per filing made by the company on 2nd November company plans to lay off 700 workers at its world headquarters.