News Formal

H&M to wind down business in Russia

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 61%

South Africa News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

G20 finance talks end divided as response to Russia dominates discussionA two-day meeting of finance ministers from the G20 ended today without a joint communiqué after Russia’s war in Ukraine divided the global forum Maybe it should be reversed..Ukraine's war with Russia.
Source: thejournal_ie - 🏆 32. / 50 Read more »