The chain of clothing stores H&M has announced its withdrawal from Russia. This is stated in the message on the company's website.
“After careful consideration, we consider it impossible, given the current situation, to continue our business in Russia. We are deeply saddened by the impact this will have on our colleagues and are very grateful for all their hard work and dedication. In addition, we want to thank our customers for their support over the years,” said Helena Helmersson, CEO of H&M Group.
As part of the liquidation process, the chain plans to temporarily open Russian stores to sell off remaining merchandise. The cost of H&M to leave Russia will be about 2 billion Swedish kronor ($190 million).
H&M Group suspended sales in Russia on March 2. The H&M online store was closed as well as 155 physical stores. In total, since February 24, after the start of the war unleashed by Vladimir Putin against Ukraine, more than 1,000 companies have left Russia. Among them are Microsoft, Netflix, McDonald's, Johnson & Johnson and others.