Fallout from Russia’s invasion of Ukraine continues, as another major brand is pulling its business from the country.
Nike has announced that it’s making a full exit from Russia, confirming the move in a statement issued to Reuters on Thursday.
“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.”
The move comes after Nike announced that it was suspending online and physical retail business in Russia this past March.
In May, it was reported that Nike had not renewed agreements with Inventive Retail Group (IRG), which operated 37 Nike-branded stories in Russia through its Up and Run subsidiary.
This continues a trend of Western brands rolling back business in Russia, including Nike's rival Adidas, which has indefinitely suspended all of its Russian business.
While leaving Russia is significant, Nike’s bottom line likely won’t be drastically impacted.
The company recently revealed that it gets less than 1% of its revenue from Ukraine and Russia combined.
The decision, however, does add to Russia’s increasingly growing economic isolation.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
Spectacular photos from the Paris 2024 opening ceremony
4 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
5 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
5 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
6 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
6 hours -
BoG yet to make any payment to Service Ghana Auto Group
6 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
7 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
7 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
9 hours