US sportswear firm Nike leaving Russian market permanently

ANKARA: United States (US) sportswear firm Nike said on Friday it has decided to permanently leave the Russian market, more than three months after the firm suspended its operations in the country amid Moscow's war on Ukraine.

"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," a Nike spokesperson told Anadolu Agency (AA) via email.

" and the Nike mobile app will be no longer available in this region. Nike stores recently temporarily closed and will not open again," the company also said in a statement posted on its Russian website

The company announced last month it will not be renewing licensing agreements with Russian retailers, after suspending its operations in Russia in early March due to the war in Ukraine.

Major companies from various sectors around the world have announced the suspension of their operations and withdrawal from the Russian market since Feb 24 while the Western countries have imposed heavy sanctions on hundreds of Russian companies and individuals. -- Bernama

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