Nike Joins Other , Major Western Brands, , Quits Russia Over War With Ukraine.
Nike has announced that the global sportswear brand will completely pull its business from Russia. .
'The Independent' reports that the news comes three months after Nike halted its business with Russia due to the invasion of Ukraine.
According to Nike, the company will scale down its operations in Russia over the "coming months.".
Nike, Inc 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, Nike statement, via 'The Independent'.
While making the announcement, Nike also stressed
that the company gets less than 1% of its
revenue from Ukraine and Russia combined.
According to 'The Independent,'
Nike operates about 100 stores in Russia.
In May, the company announced that it would not
renew a contract with its largest Russian retail
franchisee which operated 37 Nike stores. .
The announcement comes on the heels
of other major Western brands'
decisions to pull out of Russia.
Google, Starbucks, Coca-Cola and McDonald's
have all made similar announcements
since Russia's war with Ukraine began.
Google, Starbucks, Coca-Cola and McDonald's
have all made similar announcements
since Russia's war with Ukraine began.
'The Independent' reports that the companies' exits may also have to do with new laws set to be passed in Moscow that would allow the government to seize assets and impose penalties.
'The Independent' reports that the companies' exits may also have to do with new laws set to be passed in Moscow that would allow the government to seize assets and impose penalties.
Meanwhile, governments worldwide have
unleashed damaging economic sanctions
on Russia, including on President Vladimir Putin