H&M, the world’s second-largest clothing retailer, said it had decided to end its operations in Russia, joining a growing list of companies pulling out of the country entirely.
The company suspended its operations in Russia in early March after Moscow invaded Ukraine.
Russia was H&M’s sixth largest market, and the company increased its stores there while reducing physical stores in several other markets.
“After careful consideration, we consider it impossible, given the current situation, to continue our operations in Russia,” said CEO Helena Helmersson.
The company aims to temporarily open some physical stores for a limited period to sell what is left of its stock in Russia.
The entire operation to leave Russia is expected to cost about 2 billion Swedish kroner ($191.3 million), of which 1 billion kroner will have an impact on cash flow.
Source: Capital
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