Nike shuts down Israel R&D center, lays off entire team. The footwear and clothing giant set up an R&D center in Israel following the acquisition of Tel Aviv-based fashion technology startup Invertex in 2018
Footwear and clothing giant Nike is shutting down its R&D center in Israel. Nike set up its local center following the acquisition of Tel Aviv-based fashion technology startup Invertex for around $10 million in 2018.
The center is estimated to have employed several dozen employees until recent months.
Invertex was founded in 2014 by David Bleicher, Daniel Weiss and Tamir Lusky. The company’s technology allows customers to scan their bodies and get size recommendations for shoes and clothes. The software can run on in-store tablets or through mobile applications for remote shopping.
Nike joins a growing list of international companies that have decided to close down their Israel operations due to the economic downturn. Earlier this week, American cybersecurity company BitSight, which acquired Israeli startup VisibleRisk, a cyber risk ratings joint venture created by Moody’s and venture group Team8, shut down its local R&D center just 17 months after setting it up. The center had employed around 40 people.
