Nike to leave Russia amid war on Ukraine
- Office Building on NJ Life Science Campus Trades for $132M - July 13, 2022
- Stocks waver as Wall Street braces for big hike in rates - July 13, 2022
- Flames star Johnny Gaudreau leaves Calgary — for Ohio | - July 13, 2022
Nike is the latest Western brand that has left Russia.
The clothing manufacturer made a statement. saidIt has “made the decision not to enter the Russian market” and its “priority is ensuring that we fully support our employees, while we responsibly scale up our operations over the next months.”
Nike also posted a note on their official Russian website, stating that the website and mobile application will not be available in this area and that stores “will never reopen.” It had around 100 stores in Russia.
Nike ended online and franchised store sales in Russia shortly after the invasion of Ukraine by Russia in March. However, the non-franchised Nike stores continued to operate.
Nike saidIn a recent earnings call, the company stated that its business in Ukraine and Russia makes up less than 1% of its total revenue. The company joins McDonald’s in exiting Russia and Starbucks in leaving Russia.
This report was contributed by Chris Liakos and Uliana Pavlova of CNN.
Source: CTV
