H&M’s stores in Russia will soon open for a closing sale. In this way, the Swedish clothing chain wants to sell its remaining stocks in the country. After that, the company will close its branches in Russia.
H&M decided to close all its stores in Russia, Belarus and Ukraine shortly after the Russian invasion of Ukraine at the end of February. There were a total of 185 stores. The online store was also closed.
Russia was H&M’s sixth market and accounted for approximately 4 percent of the clothing chain’s total sales until its closure. But the company believes the situation is too precarious to maintain its presence in the country any longer.
The chain is counting on the decision to write off about 187 million euros. Plans for the stores in Belarus and Ukraine have not been disclosed.
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