Nike has decided to fully remove itself from the Russian market three months after suspending operations in the region following Russia’s invasion of Ukraine.
Nike joins a growing list of sports-related companies exiting the Russian market.
- FIFA: Banned Russia from the 2022 World Cup.
- Formula 1: Canceled its 2022 Russian Grand Prix.
- UEFA: Banned Russian teams from the Champions League and Europa League.
- Wimbledon: No players from Russia and Belarus will be able to participate this year.
Nike won’t skip a beat despite leaving Russia, which makes up less than 1% of its total sales. The world’s largest athletic apparel retailer generated $10.9 billion in revenue in fiscal Q3, a 5% increase year-over-year, beating analysts’ estimates of $10.6 billion in revenue for the quarter.
Brand Finance’s annual review revealed that Nike’s brand value jumped 9% to $33.2 billion in 2022, making it the most valuable apparel brand in the world. Last year, Nike’s brand value dropped 13% from 2020 to $30.4 billion, but the company still managed to hold the top spot.
Nike is teaming up with Apple to create a series of sports-focused films. Through a multiyear deal, Apple Original Films will work with Nike’s Waffle Iron Entertainment and Makeready.
The two brands have collaborated in the past on products including the Apple Watch.