According to local media reports on the 25th, after McDonald’s and Starbucks announced their exit, Nike’s American sports brand would also terminate its business in Russia. This is already the third major U.S. brand company that has decided to give up the Russian market within the last 10 days.
It is reported that since Russia invaded Ukraine in February, several international brands have withdrawn from the Russian market one after another, and Nike has also cut ties with Russia in the early days. First, on March 3, it announced the suspension of all directly-managed stores in Russia, and then, on the grounds of poor financial situation, it stopped sponsoring the well-known Russian soccer team Spartak and sub-teams.
Nike has decided not to renew the contract with the Russian licensed manufacturer IRG. IRG has 37 Nike retail stores in Russia, and the stores will be closed entirely after the existing stock is sold out as Nike has long stopped supplying them.
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