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The clothing company H&M is closing its stores in Russia

2022-07-18 16:42:00, Kosova & Bota CNA
The clothing company H&M is closing its stores in Russia
Illustrative photo

The Swedish clothing company H&M has decided to stop its activity in Russia due to the unprovoked invasion of Ukraine by the Kremlin.

"After careful consideration, we find it impossible, given the current situation, to continue our business in Russia," H&M Group CEO Helena Helmersson said in a statement on July 18.

H&M had been increasing its presence in Russia since the opening of the dealership in 2009, but suspended sales in March after the start of the Russian invasion of Ukraine.

H&M has predicted that closing the business in Russia will cost the Czech company over 180 million euros.

Even stores in Ukraine have been closed for several months due to concerns over the safety of customers and staff.

Since Russia launched the invasion in February, several other multinationals such as McDonalds and IKEA have pulled out of Russia as they announced moves to sell their assets and cut partnerships with local businesses.

According to an estimate by Yale University in the United States, more than 1,000 foreign companies have left Russia since February of this year./rel





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