NIKE announced on March 3 that it would temporarily suspend all stores owned and operating in Russia.
The American sportswear company NIKE decided to withdraw completely from Russiathree months after it suspended its activities in the country, it refers to an announcement that it announced today via e-mail.
NIKE announced on March 3 that it would temporarily suspend all NIKE-owned stores operating in Russia in response to Moscow’s actions in Ukraine, adding that what remained open would be operated by independent partners.
Today, along with other big western brands, such as McDonald’s and Googleconfirmed that they will leave the country completely.
Foreign companies seeking to leave Russia because of the war in Ukraine face the prospect of passing new laws in the coming weeks that will allow Moscow to seize its assets and impose criminal sanctions. This prospect has pushed some companies to accelerate their exit.
“NIKE has decided to leave the Russian market. “Our priority is to fully secure our employees while we will responsibly limit our activities in the coming months,” the company said in a statement.
For Nike, which receives less than 1% of its revenue from Ukraine and Russia combinedthis move is largely symbolic and not substantial in terms of its results.
The company has a history of taking a stand on social and political issues, from supporting American football player Colin Kapernick when he decided to kneel while playing the national anthem thus protesting against racism, to condemning last year the Brazilian soccer star Neymar because he refused to cooperate in an investigation into allegations of sexual assault.
Russian media reported that NIKE did not renew the agreements with the largest franchisee in Russia, the company Inventive Retail Group (IRG), which operates 37 stores under the Nike brand in Russia through its subsidiary Up And Run.
Nike shares rose almost 1% during pre-conference trading in the US.
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