Nike, a US sportswear maker, plans to withdraw completely from Russia three months after shutting down its business in Russia, the company said in an email Thursday.
Nike said on March 3 that it would temporarily shut down all Nike-owned and operated stores in Russia in response to Moscow’s actions in Ukraine, with stores still open as independent partners. He added that it is operated by.
On Thursday, it joined other major Western brands like McDonald’s and Google, confirming that it would leave the country altogether.
Foreign companies trying to escape Russia in the war in Ukraine are faced with the prospect that a new law will be passed in the coming weeks that allows Moscow to seize assets and impose criminal penalties. It encouraged some companies to accelerate their departure.
“Nike has decided to withdraw from the Russian market. Our priority is to ensure that we fully support our employees while responsibly shrinking our business over the next few months. “The company said in an email.
For Nike, which earns less than 1% of Ukraine and Russia’s combined revenue, this move is more symbolic than important to the outcome.
The company refused to help Brazilian football star Neymar last year as he assisted American football quarterback Colin Kaepernick in his decision to kneel in the middle of a national anthem in protest of racism. Until he resigned, he has a history of confronting social and political issues in the investigation of allegations of sexual assault.
Russian media reported in May that Nike did not renew its contract with Russia’s largest franchisee, the Inventive Retail Group (IRG).
Nike shares rose nearly 1% in pre-market transactions in the United States.