EXCLUSIVE Nike To Make Full Exit From Russia
Nike (NKE.N) is making a full exit from Russia three months after suspending its operations ther; as the pace of Western companies leaving the country accelerates.
It joined other major Western brands, like McDonald’s and Renault, in confirming it will leave the country completely.
“Nike has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees.
Foreign companies seeking to exit Russia over the war in Ukraine face the prospect of new laws being passed in the coming weeks; allowing Moscow to seize assets and impose criminal penalties.
Rival Adidas (ADSGn.DE) said in March it was shutting its Russian stores and pausing online sales. Puma (PUMG.DE).
Adidas currently has no plans to resume business in Russia, the German sportswear company told Reuters on Thursday.
Musgrave said companies that leave Russia may struggle to return. The company has a history of taking a stand on social and political issues.
Russian media reported in May that Nike had not renewed agreements with its largest franchisee in Russia, Inventive Retail Group (IRG), which operates 37 Nike-branded stores in Russia through its subsidiary Up And Run.