Nike says it will permanently leave Russian market
The Hindu
The U.S. sports apparel giant is among a growing list of Western companies that decided to pull out of Russia over Ukraine
Nike said on Thursday it will be permanently leaving the Russian market and will not reopen its stores after temporarily shuttering them shortly after Moscow started a military campaign in Ukraine.
Also read:Russia-Ukraine live updates | June 23, 2022
The U.S. sports apparel giant is among a growing list of Western companies — including McDonald’s and Starbucks — that decided to pull out of Russia over Ukraine.
“Nike Inc. made a decision to leave the Russian market...The Nike stores were temporarily closed recently and will not reopen,” the company said in a statement.
It added that its website and app will no longer be available in the country.
Also read:Explained | The major financial and commercial sanctions on Russia
Last month, Nike said it will not be renewing licensing agreements with Russian retailers.
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