Europe's largest clothing retailer H&M has announced its decision to shut down its business in Russia. That follows from Reuters.
Thus, the company suspended its business in Russia at the beginning of March after Moscow's invasion of Ukraine. Russia was H&M's sixth-largest market, and the company has been increasing the number of its stores in that country while reducing the number of brick-and-mortar stores in many other markets.
"After careful consideration, we have come to the conclusion that in the current situation, it is impossible to continue our business in Russia," CEO Helena Helmersson said in a statement.
The company intends to temporarily reopen brick-and-mortar stores for a limited period of time to sell off remaining inventory in Russia.
All of the decommissioning activities are expected to cost approximately USD 191.3 million. The entire amount will be included in the third quarter results as a non-recurring expense.
As reported by Ukrainian News Agency, the Spanish clothing brand Mango will refuse direct sales in Russia.
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