Nike has announced plans to leave Russia, becoming the latest Western brand to quit the country since the invasion of Ukraine in February. “Nike has made the decision to leave the Russian marketplace,” the company said in a statement. Nike has more than 50 stores in Russia, about a third of which are closed, according to its website. In May, Russian media reported that the company was ending its agreement with its largest franchisee in Russia, responsible for 37 stores. Nike had previously disclosed that Russia and Ukraine together accounted for less than 1% of the company’s revenue.

Source: Nigerian Tribune June 23, 2022 17:15 UTC