Nike confirms complete exit from Russia
Sports brand giant Nike has formally exited Russia due to the ongoing war in Ukraine, three months after suspending operations.
The US company, famous for its tick logo, said the delay in quitting completely was because it was “responsibly” scaling down its operations, in order to protect employees.
This comes after Nike, which sponsors athletes like Cristiano Ronaldo and teams like Barce announced on 3 March, a week after Russia invaded Ukraine, that it had suspended work in the country.
“NIKE, Inc. has made the decision to leave the Russian marketplace”, it said. “Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”
In the three months since it suspended operations with Moscow, Nike-operated outlets have been run by independent partners.
“Nike joins other major global brands to have quit the Kremlin, such as McDonald’s and Coca-Cola.
In March, following the brand’s suspension of ties, its CFO Matthew Friend said it “remain focused on the safety and wellbeing of our teammates regarding the deeply troubling crisis unfolding in Ukraine.”
“Our owned stores and digital commerce operations remain paused in Russia and Ukraine. As a note, our business in both countries represents less than 1 percent of total company revenue.”