Ukraine Gate- Kyiv – May 25, 2022 – American shoe and clothing manufacturer Nike has not extended its franchise agreement with Inventive Retail Group (IRG), which owns Russia’s largest single-brand chain of stores of the American retailer.
According to IRG President Tikhon Smykov, this way Nike will not be able to organize the supply of goods to Russia “in the near future.”
“As IRG stocks run out, it will be forced to close all its stores under this brand,” Smykov wrote, adding that the news was as much a blow to him as it was to all employees.
IRG PR Director Lyudmila Semushina confirmed that the supply of Nike products has been stopped and the product itself is in short supply.
It is noted that in March the company has already stated that it “cannot guarantee the delivery of goods to buyers in Russia.” It has suspended deliveries, shut down a Russian online store and delivered to the region, and temporarily closed all direct-operated stores. From March to May, the number of Nike monobrand stores in the country has fallen from 116 to 56, according to the company’s official website. Of these, 19 are temporarily closed.
IRG manages 37 Nike points. According to the information on her website, nine stores are currently closed.
As reported, since the first days of the Russian Federation’s full-scale invasion of Ukraine, international allies and partners have imposed tough sanctions on the Russian economy, as well as export restrictions. Hundreds of companies have announced the termination of work in Russia and the withdrawal from joint projects.
NEW YORK, NY - JUNE 15: The Nike 'swoosh' logo is displayed on the outside of the Nike SoHo store, June 15, 2017 in New York City. Nike announced plans on Thursday to cut about 2 percent of its global workforce. (Photo by Drew Angerer/Getty Images)
