In light of the situation in Ukraine, American sportswear and footwear maker Nike will eventually exit the Russian market. Reuters reported this based on an official correspondence from the business.
This decision’s justifications are not stated. Additionally, the journalists omitted to mention the precise day on which this brand’s outlets will close across the nation.
According to a corporate employee who spoke to Vedomosti in May, Nike had opted not to renew current contracts with Russian partners or forge new ones as a result of operational challenges. The business kept on paying all of its employees at the same time. Additionally, business as usual continued at that time in the Nike headquarters in Russia.
The suspension of sales to Russian clients was also announced by the Spanish retail group Inditex, which owns the well-known mass-market brands Zara, Bershka, Pull & Bear, Oysho, Massimo Dutti, and others. Inditex has totally stopped operating stores and selling products online throughout the nation.