H&M becomes latest multinational firm to wind down its Russian business as Ukraine war rages on
H&M is winding down its business in Russia, becoming the latest international company to exit the country after it invaded Ukraine.
The fashion group, based in Sweden, initially halted sales in Russia at the start of March.
The company told investors yesterday that it has now ‘decided to initiate a process of winding down the business in the country’.
Russia exit: Sweden-based fashion group H&M told investors yesterday that it is fully winding down its business in Russia
It blamed its decision on ‘current operational challenges and an unpredictable future’ in Russia.
H&M said its operations in Russia, which were first launched in 2009, will be temporarily reopening to sell the remaining stock.
Boss Helena Helmersson said: ‘After careful consideration, we see it as impossible, given the current situation, to continue our business in Russia.
‘We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication.’
Russia accounted for around 4 per cent of the retailer’s global sales, according to its latest annual report, and employed more than 6,000 staff in the country.