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Benzinga
Benzinga
Business
Shivani Kumaresan

Nike Yet To Renew Franchise Agreements In Russia: Report

NIke Russia United States NKE Nike Inc NYSE Vedomosti Wikimedia Commons Ukraine
  • Nike Inc (NYSE: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
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