The H&M clothing stores that left Russia in Russia will replace the points of domestic, as well as some other brands. This was announced by Nadezhda Tsvetkova, head of CORE.XP retail space leasing, she is quoted by TASS.
According to her, now the Swedish H&M stores are actively occupied by the brands of the Russian Melon Fashion Group (MFG), Lime, the Snow Queen, as well as the Turkish Koton. For example, in the Moscow shopping and entertainment center, the area of the departed store will be divided by the brands of the domestic MFG Zarina and Befree, they should open by March 2023.
The fact that H&M leaves Russia was announced in July. The chain planned to temporarily open Russian stores to sell off the remaining goods. The company's expenses for leaving the country amounted to about 2 billion Swedish kronor ($190 million). H&M Group suspended sales in Russia on March 2, when the online store was closed, as well as 155 physical stores. The flagship store on Tverskaya Street in Moscow will close on November 30. The network has been operating in Russia since 2009. 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.