Clothing giant Hennes & Mauritz (H&M), which suspended sales in Russia in March, announced on Monday that it will gradually withdraw from the country due to the invasion of Ukraine.
“After careful reflection, we see that it is impossible to continue our business in Russia given the situation,” Swedish group CEO Helena Helmersson said in a statement.
In the Russian market exit strategy, H&M plans to temporarily reopen its storesthat were closed days after the beginning of the invasion of Ukraine, to sell the Values.
According to the group, this withdrawal should cost a total of two billion Swedish kronor (approximately €189 million), including a liquidity drawdown of approximately SEK 1 billion.
The group’s losses will be accounted for in the accounts for the third quarter, according to Helena Helmersson.
Dozens of foreign companies have already left Russia since the invasion of Ukraine began on February 24.
Source: Observadora
