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American sportswear giant Nike said it was leaving the Russian market altogether, three months after suspending its operations in the country.
Nike said in a statement on June 23 that it was joining other major Western brands in moving out of the Russian market, due to the unprovoked invasion of Ukraine by Moscow.
“Nike Inc. decided to leave the Russian market… Nike stores have been temporarily closed recently and will not reopen “, the company said in a statement, adding that its Russian website and application will also be closed .
Last month, Nike said it would not extend its franchise agreement with Russia Inventory Retail Group (IRG), the largest retailer of Nike products in the country.
In early March, Nike suspended online sales in Russia and a few days later temporarily closed all stores in the country, including those operating under franchise agreements.
Nike has been active in the Russian market for 28 years.
Dozens of large international companies from a wide range of sectors have left Russia since launching the war against Ukraine on February 24.
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