War in Ukraine: H&M will withdraw from Russia

Lhe Swedish clothing giant Hennes & Mauritz (H&M), which had already suspended sales in Russia since March, announced on Monday that it would gradually withdraw from this country due to the invasion of Ukraine. “After careful consideration, we see that it is impossible to continue our business in Russia given the situation,” Group Chief Executive Helena Helmersson said in a statement.

As part of its withdrawal from the Russian market, H&M plans to temporarily reopen its stores, which were closed a few days after the start of the invasion of Ukraine on February 24, like several other brands such as McDonald’s, in order to sell its remaining inventory.

According to the group, this withdrawal should cost it a total of 2 billion Swedish crowns (about 189 million euros), including a reduction in its liquidity of about 1 billion crowns. The losses will be charged to the third quarter accounts, he said.

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