Nike leaves Russia – KESQ

By Jordan Valinsky, CNN Business

Nike is the latest Western brand to leave Russia.

In a statement, the apparel maker said it had “made the decision to exit the Russian market” and that its “priority is to ensure that we fully support our employees as we responsibly scale back our operations at the over the next few months”.

Nike also posted a notice on its official Russian website telling visitors that its website and mobile app will “no longer be available in this region” and that its stores will “not be reopening”. There were about 100 stores in the country.

Shortly after Russia invaded Ukraine in March, Nike suspended sales online and in franchise stores in Russia. However, its non-franchise stores continued to operate.

Nike said on a recent earnings call that its business in Russia and Ukraine accounted for less than 1% of its total revenue. The company joins McDonald’s and Starbucks as it leaves Russia.

– CNN’s Uliana Pavlova and Chris Liakos contributed to this report.

™ & © 2022 Cable News Network, Inc., a WarnerMedia company. All rights reserved.

#Nike #leaves #Russia #KESQ

Post expires at 7:55pm on Sunday July 3rd, 2022