The most recent company to quit Russia since it began invading Ukraine is the American sportswear company Nike, which has declared plans to fully withdraw from the Russian market.
In a statement to Reuters, the corporation acknowledged its exit from Russia.
The action was taken three months after Nike, in reaction to the ongoing war, ceased operations at all of its company-owned and company-operated stores in Russia.
In an emailed statement to Reuters, Nike said: “Nike has made the decision to leave the Russian marketplace.
“Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”
After declining to extend its franchise deal with Inventive Retail Group (IRG), a Russian franchisee that runs 37 Nike-branded stores, Nike hinted last month that it was planning to leave Russia.
According to IRG President Tikhon Smykov, the firm will no longer be able to plan the delivery of commodities to Russia.
Nike’s single-brand stores in Russia have decreased from 116 to 56 since March.
According to Reuters, the company’s combined revenue from its activities in Russia and Ukraine was for less than 1% of its overall sales.
As a result, it is anticipated that the departure won’t significantly affect the outcomes.