Clothing giant Hennes & Mauritz (H&M), which suspended sales in Russia in March, announced on Monday that it would gradually withdraw from the country due to the invasion of Ukraine.
“After careful consideration, we see that in the current situation it is not possible to continue our business in Russia,” Swedish Group Managing Director Helena Helmersson said in a statement.
In a strategy to exit the Russian market, H&M plans to temporarily reopen its stores, which were closed days after the invasion of Ukraine began, to sell “stocks”.
The withdrawal is expected to cost it a total of SEK 2 billion (about €189 million), including a liquidity cut of around SEK 1 billion, according to the group.
According to Helena Helmersson, the group’s losses will be reflected in the financial statements for the third quarter.
Dozens of foreign companies have already left Russia since the February 24 invasion of Ukraine began.
Author: Lusa
Source: CM Jornal
