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
Malaika Arora launches accessories brand Maejoy
The Bollywood star’s lifestyle brand, built with Myntra and Exceed Entertainment, promises aspirational fashion without the high price tag
MUMBAI: Malaika Arora is not the first Bollywood star to put her name on a brand, and she will not be the last. But Maejoy, the accessories label she has launched in partnership with Myntra Jabong India Private Limited (MJIPL) and talent outfit Exceed Entertainment, at least has a sharper pitch than most. The brand drops with 250-plus styles spanning handbags and lab-grown diamond jewellery, two categories that sit squarely in the sweet spot between aspiration and affordability, and lands on Myntra’s platform from day one, putting it in front of millions of shoppers without breaking a sweat.
The handbag range covers the full gamut: crossbody bags, structured shoulder bags, bucket bags, totes, workwear classics, backpacks and clutches, rendered in synthetic leather, raffia, braids, satin, rhinestone and metallic finishes. The jewellery line runs to rings, earrings, pendants, bracelets and tennis bracelets in silver, gold and rose-gold tones, set in 925 sterling silver with IGI and GCI certified lab-grown diamonds. The brand’s guiding philosophy, “The Joy of Being Me,” stakes its claim on individuality and self-expression; its three brand pillars, Authentic, Empowering, Accessible, are the usual suspects, though the lab-grown diamond bet is savvier than it sounds. Lab-grown stones now sell at a fraction of the price of mined ones, and the category is growing fast in India as younger buyers wise up to the arbitrage.
“Maejoy is a labour of love. Throughout my career, whether on screen, in business, or through my personal style, I’ve championed the idea that fashion should be empowering yet effortless. The brand aims to democratise global fashion trends while offering women something that extends the feeling of luxury every day, be it a lab-grown diamond or a perfectly crafted handbag,” said Malaika Arora, founder of Maejoy
MJIPL, the B2B wholesale arm of Myntra, is putting its design and brand-building muscle behind the venture. Suman Saha, chief experience officer and head of house of brands at MJIPL, was bullish on the tie-up.
“Maejoy brings together Malaika Arora’s distinctive style perspective with a strong proposition in the accessible yet elevated accessories space. We believe the brand’s fashion-forward designs and thoughtful positioning will connect strongly with discerning consumers.”
Suman Saha, chief experience officer, head of house of brands, MJIPL
Afsar Zaidi, chief executive of Exceed Entertainment, the talent management firm that helped broker the deal, has worked with MJIPL before and was characteristically direct about what makes Arora an unusually bankable partner.
“Building celebrity-led brands requires a delicate balance of authenticity and market viability. Malaika is a rare talent who commands equal respect as a fashion icon and a savvy businesswoman. We are proud to facilitate this partnership that brings together her creative clout and Myntra’s brand-building excellence,” said Zaidi
Celebrity fashion brands live or die on one question: does the star actually wear it, or is the cheque the only thing they signed? Arora, who has spent three decades as one of Bollywood’s most-watched style references, has at least built a plausible case. Maejoy is live now on www.myntra.com and the Myntra app. The real test, whether shoppers buy the handbag or just the hype, starts today.
