Nike leaving Russian market
![]() 1794 Wednesday, 25 May, 2022, 19:48 Nike has not extended its franchise agreement with Inventive Retail Group (IRG), which owns the company’s Russia-based largest single-brand chain. According to IRG President Tikhon Smykov, Nike will therefore not be able to set up deliveries to Russia "in the foreseeable future." "As IRG's inventories run out, it will be forced to close all its stores under the brand," Smykov wrote, adding that the news was a blow to him as it was to all employees. IRG PR chief Lyudmila Semushina confirmed that deliveries of Nike products have been suspended and that the products are in short supply. It is noted that in March, the company had already stated that it cannot guarantee the delivery of goods to buyers in Russia. It stopped deliveries, shut down the Russian online store, and temporarily closed all stores under its direct management. From March to May, the number of Nike single-brand stores in the country has already decreased from 116 to 56, according to the company's official website. Of these, 19 are temporarily closed. IRG manages 37 Nike stores. According to the information on the company website, nine stores are currently closed. It has been reported that since the first days of a full-scale invasion of Ukraine, the country’s international allies and partners have imposed tough sanctions and export restrictions on Russia. Hundreds of companies have announced termination of operations in Russia and withdrew from joint projects. |
Trump threatens 100% tariffs on Russian export buyers unless Ukraine peace deal is reached by September (video)
400Yesterday, 22:06Mexico hopes to reach agreement with US on tariffs
74113.07.2025, 00:52Macron: "European Commission to speed up preparation of countermeasures to US tariffs"
70112.07.2025, 22:22Ukraine and Azerbaijan discussed cooperation in the energy sector
90212.07.2025, 21:52From August 1st a 30% duty will be imposed on goods imported from the EU and Mexico to the US
66812.07.2025, 21:20"7 organizations were allowed to export flowers from Armenia to Russia" - Rosselkhoznadzor
87211.07.2025, 16:26Brazil vows to match US tariffs after Trump threatens 50% levy
90910.07.2025, 19:04Slovakia maintains veto on new package of EU sanctions against Russia
110109.07.2025, 20:46