H&M finally leaves Russia
The Swedish company H&M will finally leave Russia due to the “operational” problems faced by the retailer and the “unpredictable future.”
“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 employees and are very grateful for all their hard work and dedication.,” said Helena Helmersson, CEO of H&M Group.
The organization plans to hold a final offline sale in its stores to sell off the rest of the goods. Its timing has not yet been announced.
H&M Group owns clothing brands H&M, Cos, & Other Stories, Monki, Weekday, Arket. After the outbreak of the Russian-Ukrainian war, the company closed 181 outlets in Russia, Ukraine and Belarus.
The value of the group’s assets in these three countries is about $433 million. Before the start of the coronavirus pandemic the entire region accounted for about 10% of its entire operating income. Curtailing business in Russia will cost the retailer $190 million.
Participants in the Russian market assume that the company will be able to completely withdraw from Russia in at least a few months, and maybe more than a year, due to possible compensation lawsuits with the owners of shopping centers.
Source: www.moscowtimes.ru
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