It was reported that H&M, the world’s second-largest fashion retailer, said on Monday it has decided to end its operations in Russia, adding to a list of full exits from the country.
H&M suspended its operations in Russia in early March after Russia invaded Ukraine on Feb. 24 of this year. Russia is the company’s sixth-biggest market, and this decision came at a time when the company was increasing the number of its stores in Russia and reducing the number of physical stores in many other markets.
In a statement, H&M CEO Helena Helmersson said: Given the current situation and after careful consideration, it is not possible to continue its business in Russia. The company intends to temporarily reopen its physical stores for a limited period of time to sell the remaining inventory. The entire liquidation is expected to cost about 2 billion Swedish kronor, which is about $190 million US Dollar.
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