Following the Ukraine/ Russian conflicts, Nike on Thursday announced its plans of permanently leaving the Russian market after operations have been initially suspended over the conflict in Ukraine making it join the long list of Western firms that have pulled out its businesses from the country.
Nike temporarily closed its stores in Russia after Russian troops entered Ukraine in late February, triggering unprecedented sanctions and sparking an exodus of foreign firms such as Adidas, Ikea, H&M, McDonald’s and Starbucks.
The US apparel maker in a statement stated that Nike Inc. made a decision to leave the Russian market, “The Nike stores were temporarily closed recently and will not reopen.” also adding that its website and app will no longer be available in the country.
The US company Last month also went further to state that it will not be renewing licensing agreements with Russian retailers.
While assuring Russians that their favorite brands would have domestic alternatives, Russian authorities have also warned that they were ready to nationalize foreign assets.