The multinational athletic apparel brand Nike has announced its plans to withdraw from the Russian markets and suspend operations in the country permanently. Since the Ukraine invasion on February 24th, Nike had shut down its stores for three months and halted online orders. The brand in an agreement mentioned, “Nike 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”, they added.
This comes weeks after other companies have announced their decision of cutting ties with Russia and Belarus. Recently, top technology firms and investors from Cisco, Microsoft, and IBM limited access to Russian businesses. Starbucks, a multinational chain of coffeehouses earlier revealed that it was about to close 130 stores and stop its product shipment to the country very soon. Other companies including Ikea, H&M, Unilever, and Nestle have also halted imports and exports over the past few weeks.
Russia’s invasion of Ukraine has shaken its global supply chain and affected relations with major US, European and Indian companies that had commercial activities all over the country. According to reports, over 1000 corporations have already curtailed operations and the list continues to grow every week. Nike which had more than 50 stores added that its website and app will no longer function in the country.