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H&M to wind down business in Russia

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H&M, the world's second-biggest fashion retailer, has said it has decided to wind down its business in Russia, joining a growing list of companies fully exiting the country and sending its shares down 1%.

The company suspended its business in Russia in early March in the wake of Western sanctions against Moscow following its invasion of Ukraine. Russia was H&M's sixth biggest market and the company was increasing its store count there while reducing physical stores in many other markets.

"We are deeply saddened about the impact this will have on our colleagues," Helmersson said but did not elaborate. A company spokesperson said about 6,000 employees in the country would be affected. Several other retailers, including Inditex ITX.MC, Adidas have halted sales in the country, while U.S.-based fashion retailer TJX and Poland's biggest fashion retailer LPP decided to sell their businesses in Russia.

 

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