Nike Quits Russian Market Completely

The well-known sportswear brand Nike, which has suspended its local business in Russia for more than three months after the Russian-Ukrainian war, said in an emailed statement on June 23rd that it would completely withdraw from the Russian market.

According to reports, after Russia invaded Ukraine, Nike announced on March 3rd that it would suspend its business of all sporting product stores and operating stores in Russia. Now Nike says it will pull out of Russia in the same way as major Western brands did such as McDonald’s.

Nike said in the emailed statement: “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.”

According to the report, Russia and Ukraine only account for less than 1% of Nike’s total global revenue, the symbolic value of this move is greater than the actual business considerations.

It is reported that since conflict between Russia and Ukraine escalated in February, many companies have announced to suspend or withdraw their business in Russia, including McDonald’s, Coca-Cola, Starbucks, as well as Decathlon, Uniqlo parent company Fast Retailing, IKEA, Apple, IBM, Ford, Boeing and even Visa, MasterCard, etc.