Nike announced on Thursday that it will permanently exit the Russian market and not reopen. The company had already temporarily closed stores in the days following the February 24 invasion of Ukraine.
The move comes as Western companies increasingly pull out of Russia because of the ongoing war in Ukraine.
What Nike said about its activity in Russia
The company doubled down on its decision to leave the Russian market by a statement sent by email.
“Nike has made the decision to exit the Russian market. Our priority is to ensure that we fully support our employees as we responsibly scale back our operations over the coming months,” the company said, adding that it would suspend also access to its websites. and applications in the country.
The retailer had previously temporarily closed stores and not renewed licensing agreements with its Russian retailers, but this marks its first official withdrawal from the Russian economy.
Nike derives less than 1% of its revenue from Russia, according to Reuters. This decision will have little material effect on his company, but she is still widely seen as the one who supports the company’s position on social issues.
Nike has in the past supported American football quarterback Colin Kaepernick and his decision to kneel during the national anthem in protest against racism in the United States.
What other companies have left Russia?
Tech, entertainment and finance companies have all pulled out of Russia in recent months.
Telecommunications equipment maker Cisco joined Nike on Thursday, ceasing operations in Russia and Belarus.
McDonald’s and Starbucks suspended operations in Russia as early as March. Amazon closed its operations with Russia and Belarus the same month.
Foreign companies have been urged to speed up their departure from Russia under threat of new laws that could allow Moscow to seize company assets and impose criminal penalties.
asw/rt (AFP, Reuters)
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Post expires at 12:02am on Monday July 4th, 2022