Nike to make full exit from Russia due to Ukraine war
June 23, 2022, 5:40 pm

Nike to make full exit from Russia due to Ukraine war

Nike is the world's leading manufacturer of trainers, sportswear and sports equipment. The American-based company was named after Nike, the Greek goddess of victory - Pic. Pixabay

Nike, the US sportswear maker told Reuters on Thursday (June 23) that it is making a full exit from Russia three months after suspending its operations there. This comes as the pace of Western companies leaving the country accelerates.

Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia in response to Moscow’s actions in Ukraine, adding that those still open were operated by independent partners.

On Thursday, it joined other major Western brands, like McDonald’s and Renault, in confirming it will leave the country completely, the Alarabiya English reported, citing Reuters.

Nike said in an emailed statement: “Nike has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months."

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Foreign companies seeking to exit Russia over the war in Ukraine face the prospect of new laws being passed in the coming weeks allowing Moscow to seize assets and impose criminal penalties. That has encouraged some businesses to accelerate their departure.

Paul Musgrave, a political science professor at the University of Massachusetts, said: “What was a trickle is becoming a torrent (of Western companies exiting Russia)."

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Other sportswear makers have also been pulling back.

Rival Adidas said in March it was shutting its Russian stores and pausing online sales. Puma also suspended its operations in March. Reebok suspended sales in March and is in talks to sell more than 100 stores to Turkish shoe retailer FLO Magazacilik.

Adidas currently has no plans to resume business in Russia, the German sportswear company told Reuters on Thursday (June 23).

It said in an emailed statement: “The operation of Adidas’ stores and Adidas’ online retail in Russia continues to be suspended until further notice, this also applies to the delivery of goods to Russia."

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Musgrave said companies that leave Russia may struggle to return.

He said: “This presents opportunities for domestic firms in some markets but even more for brands from China and elsewhere to make inroads."

For Nike, which gets less than 1 percent of its revenue from Ukraine and Russia combined, the move is largely symbolic rather than material to its results.

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The company has a history of taking a stand on social and political issues. It supported American football quarterback Colin Kaepernick in his decision to kneel during the US national anthem as a protest against racism and dropped Brazilian soccer star Neymar last year because he refused to cooperate in an investigation into sexual assault allegations.

The report noted that Russian media reported in May that Nike had not renewed agreements with its largest franchisee in Russia, Inventive Retail Group (IRG), which operates 37 Nike-branded stores in Russia through its subsidiary Up And Run.

Source: alarabiyaenglish

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”