U.S. sports apparel giant Nike and venerable British multinational retailer Marks & Spencer (M&S) say they are quitting the Russian market over Moscow's invasion of Ukraine.
Nike said it would not extend its franchise agreement with Russia's Inventive Retail Group (IRG), the largest retailer of Nike products in the country.
IRG Chief Executive Officer Tikhon Smykov said in a letter to employees on May 25 that "after all the goods are sold, IRG will have to shut down all of its shops that are under the [Nike] name."
In early March, Nike suspended online sales in Russia, and several days later temporarily closed all of its shops in the country, including those operating on franchise agreements. Nike was active on the Russian market for 28 years.
M&S, which specializes in the sale of clothing, beauty, home products, and food, announced on May 25 that it would fully cease its operations in Russia after suspending them in early March.
M&S said it was unable to import its goods to Russia because of the war in Ukraine.
Dozens of major international companies from a broad range of sectors have exited Russia since it launched its war against Ukraine on February 24.
Within the past 10 days, Starbucks Corp and McDonald's also announced they were quitting Russia.