Nike plans to focus more on the software side of its FuelBand technology and enlist partners, such as Apple, to help expand the activity-tracking system to millions more users, Nike CEO Mark Parker told CNBC on Friday.
Speaking during an interview with CNBC's "Squawk on the Street," Parker addressed last week's reports that Nike wanted to leave the hardware side of its wearable tech division and had laid off a "small number" of its digital sports staff. The company tried to downplay the reports and said they would continue selling FuelBands, according to Re/Code.
On Friday, Parker told CNBC the company still plans to increase the number of FuelBand users from its current 30-million strong base to more than 100 million users. He did not say the company would stop producing FuelBands, but he acknowledged it was focusing more on software and partnership than hardware.
"We are focusing more on the software-side of the experience," Parker told CNBC. "We will be part of wearables going forward. It will be integrated into other products we create, and then we'll look at expanding our partnerships to create more reach for the Nike Fuel system that we have."
—By CNBC's Jeff Morganteen.