Nike fully exits Russia

Nike Inc. said it’s leaving the Russian market entirely after suspending operations in March. It joins other United States-based companies that have pulled out since Russia invaded Ukraine, Bloomberg reports.

The world’s largest athletic-wear maker halted sales in Russia earlier this year, telling customers it couldn’t guarantee product shipments. The Beaverton, Oregon-based company had more than 100 stores in Russia. It’s a priority for the company to ensure they are fully supporting their employees while they responsibly scale down their operations over the coming months, the company said in a statement June 23.

Hundreds of multinational businesses across industries have curtailed or shut down their operations in Russia this year. U.S. 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. It also said 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 in 2021. That’s about 26% of total sales.