Sportswear giant Nike to permanently exit the Russian market
Nike announced on Thursday that it will leave the Russian market permanently and will not reopen its stores, which were temporarily closed shortly after Moscow launched a military campaign in Ukraine.
The US sportswear behemoth joins a growing list of Western corporations, including McDonald’s and Starbucks, in withdrawing from Russia over Ukraine.
“Nike Inc. has decided to exit the Russian market. Nike stores were recently temporarily closed and will not reopen,” the company said in a statement. It also stated that its website and app will be unavailable in the country. Nike announced last month that it will not renew licencing agreements with Russian retailers.
On February 24, Russia’s President Vladimir Putin ordered troops into pro-Western Ukraine, triggering unprecedented sanctions and prompting an exodus of foreign corporations including H&M, Adidas, and Ikea.