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.
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