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Bloomberg
Nike Inc said it’s leaving the Russian market entirely after suspending operations in March, joining other US companies that have pulled out in the wake of Russia’s invasion of Ukraine.
The world’s largest athletic-wear maker halted sales in Russia earlier this year, telling customers that it couldn’t guarantee product shipments. The Beaverton, Oregon-based company had more than 100 stores in Russia.
“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 Thursday.
Hundreds of multinational businesses across industries have curtailed or shut down their operations in Russia this year. US companies including McDonald’s Corp., Starbucks Corp. and HP Inc. have all made full exits.
In May, Nike said it wouldn’t renew an agreement with its biggest Russian retail franchisee, which managed dozens of Nike stores, and that it would not make any new business commitments.
Less than 1% of Nike’s total sales come from Russia and Ukraine, Chief Financial Officer Matt Friend said in March. Revenue from its Europe, the Middle East and Africa region accounted for $11.5 billion, or about 26% of total sales, in 2021.