Foot out the Door: Nike Joins Other Big Companies in Exiting the Russian Market - The Scene

Meanwhile, Adidas is suspending operations.

While conglomerates Kering and LVMH suspend retail operations in Russia, Nike will permanently be exiting the country. 

READ ALSO: Against Indifference: After Denouncing The War, This Russian Prima Ballerina Left Bolshoi To Dance In The Netherlands

“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. 

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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.

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