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.
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