US sportswear giant Nike is the latest fashion company to completely cut ties with Russia.
Nike will fully exit the Russian market three months after suspending operations there, the company told Reuters Thursday.
It is the latest in a spate of Western brands to cut ties with Russia following its invasion of Ukraine.
Rivals Adidas and Reebok both suspended store and e-commerce operations in Russia in March.
“Nike has made the decision to leave the Russian marketplace,” the company said in an emailed statement seen by Reuters. “Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”
Nike announced on March 3 it would temporarily suspend operations at all its owned-stores and through its online store in Russia. It said at the time that some stores owned by local partners continued to trade.
Nike’s decision to completely exit the Russian market comes ahead of new laws set to be introduced in Russia allowing the state to seize assets of companies that have suspended business in the country.
While the decision by one of the world's biggest fashion powerhouses to leave Russia is significant, considering less than 1 percent of Nike’s global revenue comes from Ukraine and Russia combined, the move is not expected to significantly dent the company’s trading performance.