Nike decides to leave Russian market

MOSCOW. June 23 (Interfax) - Nike Inc. has decided to leave the Russian market entirely, Reuters reports, quoting a statement by the sportswear giant.

Nike suspended operations in Russia and its retail outlets, except franchisees, at the beginning of March.

The company says on its Russian website that it has decided to exit Russia, and that its site and mobile app will no longer be available in the region. "Nike's stores recently closed temporarily and will not reopen," it said.

Nike operated in Russia via the wholesaler LLC Nike and via Nike Retail, both of them owned from the Netherlands. LLC Nike's revenue grew 1.6-fold in 2021 to 20.88 billion rubles and net profit was a recent high of 1.36 billion rubles, compared with 128.9 million rubles in 2020. Nike Retail had sales of 4.67 billion rubles and net profit of 8.1 million rubles in 2021.