Nike to fully exit Russia
Retail giant announced in March it would temporarily suspend operations in Russia due to country's invasion of Ukraine
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Nike is fully exiting Russia, with the sportswear retail giant saying it would scale down operations in the months ahead.
"NIKE, Inc. 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 company said in a statement emailed to FOX Business.
In May, the Vedomosti daily reported that the head of the Inventive Retail Group (IRG) – which operates Nike stores in Russia through its subsidiary Up And Run – said the company would no longer supply goods there.
People walk past a closed store of the sporting goods retailer Nike at a shopping mall in Saint Petersburg, Russia May 25, 2022. (REUTERS/Anton Vaganov / Reuters)
NIKE WON'T RENEW FRANCHISE AGREEMENTS IN RUSSIA: REPORT
Nike announced in March that it would temporarily suspend operations at all of its Nike-owned and-operated stores in Russia due to the country's invasion of Ukraine.
It is not the only major American brand to leave Russia.
A view shows a store of the sporting goods retailer Nike in Moscow, Russia May 20, 2022. Picture taken May 20, 2022. (REUTERS/Evgenia Novozhenina / Reuters)
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McDonald's ended its Russian business after more than three decades of operations there.
A woman walks past a closed store of the sporting goods retailer Nike at a shopping mall in Saint Petersburg, Russia May 25, 2022. (REUTERS/Anton Vaganov / Reuters)
Additionally. Starbucks also previously announced that it is pulling out of the Russian market.
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Fox Business' Daniella Genovese contributed to this report.