Nike Officially to Exit Russia For Good, Close Stores – Footwear News

Spread the love

nike promo web

new balance

Nike is officially ending its business in Russia, the athletic giant said on Thursday.

Nike announced in March that it would temporarily close all owned and operated stores in Russia and halt the delivery of products and from its website to Russia. At the time, Nike cited “the rapidly evolving situation” between Russia and Ukraine. In late May, Nike reportedly said it would not renew an agreement with its largest franchisee in Russia, Inventive Retail Group (IRG). The contracts between the two entities were set to expire on Thursday, May 26.

“Nike, Inc. has made the decision to leave the Russian marketplace,” the company told FN in a statement. “Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”

See also  Air Jordan 11 "Midnight Navy" Black Friday 2022 AR0714-441

Other brands have announced similar moves to exit Russia as the situation there continues. In May, Starbucks said it would close all 130 location in Russia, ending its presence in the country. McDonald’s, Exxon Mobil and British American Tobacco have made similar announcements recently as well. As of March 20, Authentic Brands Group, which recently closed a deal to acquire Reebok, suspended all e-commerce and store operations in Russia in light of its “unrelenting attack on Ukraine and the escalating humanitarian crisis.” Crocs said that it has halted its DTC business in Russia, including e-commerce and retail stores. Crocs has also stopped importing products into the country.

See also  Natalia Dyer Dons Green Blazer & Gold Heels to ‘Stranger Things’ Event – Footwear News

Nike ended its sponsorship deal with Russian Premier League club Spartak Moscow, a popular football club, in May. Nike also announced that the Nike Foundation will donate $1 million to UNICEF and International Rescue Committee to help support humanitarian relief efforts.

Adidas in March suspended its long-term partnership with the Russian Football Union (RFU), the governing body that oversees football in Russia.

nike promo web

SPIN banner 728x90 1
new balance


Source link


Spread the love