Meanwhile, Adidas is suspending operations.
While conglomerates Kering and LVMH suspend retail operations in Russia, Nike will permanently be exiting the country.
“Nike, Inc. has made the decision to leave the Russian marketplace,” a Nike spokesperson said in a statement on June 23. “Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”
In March, less than a month after Russia invaded Ukraine, the sportswear giant suspended all company-owned and operated stores in response to the conflict. During this time, Nike donated $1 million for relief efforts for war victims.
Reuters noted that the Oregon-based company’s combined revenue from Russia and Ukraine represents less than 1 percent of its earnings.
Leaving Russia
Other firms exiting Russia due to the ongoing war include McDonald’s and automobile manufacturer Renault. At the same time, luxury e-commerce site Farfetch’s CEO José Neves has said they have “no plans” to resume business in Russia in the coming months.
Meanwhile, Adidas, Nike’s biggest competitor, has suspended all its stores and online retail in Russia, which also applies to the delivery of goods.
Banner photo from @nike on Instagram.
