Nike Closes Shops In Russia

Nike Closes Shops In Russia

The fallout from Russia’s invasion of Ukraine continues, as another major brand is pulling its business from the country.

Nike has announced that it’s making a full exit from Russia, confirming the move in a statement issued to Reuters on Thursday.

“Nike has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”

The move comes after Nike announced that it was suspending online and physical retail business in Russia this past March.

In May, it was reported that Nike had not renewed agreements with Inventive Retail Group (IRG), which operated 37 Nike-branded stories in Russia through its Up and Run subsidiary.

This continues a trend of Western brands rolling back business in Russia, including Nike’s rival Adidas, which has indefinitely suspended all of its Russian business.

While leaving Russia is significant, Nike’s bottom line likely won’t be drastically impacted.

The company recently revealed that it gets less than 1% of its revenue from Ukraine and Russia combined.

The decision, however, does add to Russia’s increasingly growing economic isolation.

Source: Complex.com

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