Nike Yet To Renew Franchise Agreements In Russia: Report

by Shivani Kumaresan, Benzinga Staff Writer

May 25, 2022 7:16 AM | 1 min read |

Nike Inc NKE has not renewed agreements with its largest franchisee in Russia, Reuters reported, quoting Vedomosti daily newspaper.
The U.S. sportswear maker suspended its Russia operations temporarily in March due to Russia's invasion of Ukraine.
The head of Inventive Retail Group (IRG), which operates Nike-branded stores in Russia, reportedly said Nike was no longer supplying goods to Russia.
Inventive Retail Group’s subsidiary, Up And Run, operates 37 Nike stores across Russia.
Price Action: NKE shares closed lower by 1.26% at $107.26 on Tuesday.
Photo Via Wikimedia Commons

Posted In: News Media General Briefs

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.