International

Nike says it will permanently leave Russian market

People walk past a closed store of the sporting goods retailer Nike at a shopping mall in Saint Petersburg, Russia. File.

People walk past a closed store of the sporting goods retailer Nike at a shopping mall in Saint Petersburg, Russia. File. | Photo Credit: Reuters

Nike said on Thursday it will be permanently leaving the Russian market and will not reopen its stores after temporarily shuttering them shortly after Moscow started a military campaign in Ukraine.

Also read:Russia-Ukraine live updates | June 23, 2022

The U.S. sports apparel giant is among a growing list of Western companies — including McDonald’s and Starbucks — that decided to pull out of Russia over Ukraine.

“Nike Inc. made a decision to leave the Russian market...The Nike stores were temporarily closed recently and will not reopen,” the company said in a statement.

It added that its website and app will no longer be available in the country.

Also read:Explained | The major financial and commercial sanctions on Russia

Last month, Nike said it will not be renewing licensing agreements with Russian retailers.

Russia’s President Vladimir Putin ordered troops into pro-Western Ukraine on February 24, triggering unprecedented sanctions and sparking an exodus of foreign corporations including H&M, Adidas and Ikea.


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Printable version | Jun 23, 2022 6:39:47 pm | https://www.thehindu.com/news/international/nike-says-it-will-permanently-leave-russian-market/article65557495.ece