H&M, the world’s second-biggest fashion retailer, said on Monday it had decided to wind down its business in Russia, joining a growing list of companies fully exiting the country and sending its shares down 1%.
“After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” CEO Helena Helmersson said in a statement. The entire wind-down is expected to cost about 2-billion Swedish crowns , of which about 1-billion crowns will have a cash flow impact, H&M said. The full amount will be included as one-time costs in the results for the third quarter.The shutdown will affect the company’s 170 physical stores in the country and its online sales channels, a spokesperson said.
H&M’s biggest rival, Zara owner Inditex, told shareholders last week that it would keep operations suspended for the time being.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
G20 finance chiefs agree on food security, divided on RussiaDifferences prevent G20 ministers and central bankers from issuing a formal communique
Source: BDliveSA - 🏆 12. / 63 Read more »