E Point Perfect
Shopping

Nike to fully exit Russia following Ukraine invasion


Nike will be exiting from Russia three months after suspending operations there following the country's invasion of Ukraine
“Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”
// Nike will be exiting from Russia three months after suspending operations there following the country’s invasion of Ukraine
// The business has more than 50 stores in Russia and about a third are currently closed according to its website

Nike will be making a full exit from Russia three months after suspending operations in the country following its invasion of Ukraine, Reuters has reported.

Back in March the sportswear giant initially halted online orders and closed the stores it owned in the country and while store operated by local partners have continued to trade, the company said it is winding down those agreements.

Nike has now joined a host of other major Western brands, including McDonald’s and Google, in confirming it will leave the country completely.


READ MORE: Nike mulls Russia exit after not renewing franchise agreement


“Nike has made the decision to leave the Russian marketplace,” the company said in a statement.

“Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”

Nike has more than 50 stores in Russia, about a third of which are closed, according to its website while the company previously disclosed that Russia and Ukraine together accounted for less than 1% of the company’s revenue.

Historically, the sporting giant has not hesitated to take a stand on social and political issues.

Last year it supported American football quarterback Colin Kaepernick in his decision to kneel during the U.S. national anthem as a protest against racism and dropped Brazilian soccer star Neymar last year because he refused to cooperate in an investigation into sexual assault allegations.

Click here to sign up to Retail Gazette‘s free daily email newsletter



Source link >

Related posts

Amazon Fresh stores to offer Prime members 25% off

Shirine Khoury-Haq officially confirmed as Co-op Group CEO

Superdrug pays out £35m to billionaire owner Li Ka-shing

ProCook trading dampened by “challenging market conditions”

What are retailers doing for Back to School?

Lidl rapped for misleading advertising following Aldi complaint