The world famous athletic brand Nike has made the decision to finally leave the Russian Market. The brand has already stopped its operations in the country on March 3rd amidst the Russian Ukrainian war.
Nike will make a complete departure from Russia in the coming months, Reuters reported Thursday, citing an posted statement from the company.
The exit comes nearly four months after theU.S. athletic- wear and tear mammoth suspended its Russian operations on March 3 following the country’s irruption of Ukraine.
” Nike has made the ultimate decision to leave the Russian business. Our precedence is to ensure we’re completely supporting our workers while we responsibly gauge down our operations over the coming months,” the statement said.
The Departure
The Vedomosti business daily reported last month that Nike decided not to renew its contract with its largest Russian franchisee, Inventive Retail Group( IRG), which operates 37 Nike stores in Russia.
In a letter to IRG workers cited by Vedomosti, the franchisee’s President Tikhon Smykov said it would be forced to close its Nike stores because the brand was unfit to transport its products to Russia “ in the foreseeable future. ”
Hundreds of major Western brands have left Russia since the irruption of Ukraine, both in opposition to the war and because severe Western warrants on Moscow have made doing business coming to be insolvable.
Some of them, like Starbucks and McDonald’s, have permanently ended operations in the country.
Swedish cabinetwork dealer IKEA is also reportedly planning to permanently shutter its Russian stores.
Later on Thursday,U.S. telecoms outfit maker Cisco said it’ll end operations in Russia and Belarus.
As the time is descending Russia is facing many bans, be it on oil supply or the famous brands and food outlets.Many famous brands has stopped its operations in the country amidst the war between Russia and Ukraine, initiated by Russia itself .The country is slowly but surely losing its ties with the rest of the world.
