Nike’s $2 billion cost-cutting plan will focus on product innovation, storytelling and competitive separation, CEO John Donahoe says in a call with analysts. The shoe and apparel company is introducing new franchises and concepts to elevate its offerings, even though it will take time for the innovation cycle to ramp-up. Nike’s Jordan Brand, women’s and running businesses need investments to reach their full potential, Donahoe says. The Jordan Brand is on a path to become the second-biggest footwear brand in North America. At the same time, about 40% of Nike’s customers are women and their demand for more products is growing. Nike’s shares drop 7.2% to $113.77 in after-hours trading.