H&M intends to discontinue operations in Russia

• The company suspended its business in Russia.
•  In early March following Moscow’s invasion of Ukraine.
• Russia was H&M’s sixth biggest market.
• The company was increasing its store count there.
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• The entire wind-down is expected to cost about 2 billion Swedish crowns ($191.3 million).

H&M (HMb.ST), the world’s second-greatest style retailer, said on Monday it had chosen to unwind its business in Russia, joining a developing rundown of organizations completely leaving the country.

The organization suspended its business in Russia toward the beginning of March following Moscow’s attack of Ukraine.

Russia was H&M’s 6th greatest market and the organization was expanding its store count there while decreasing actual stores in numerous different business sectors.

“After cautious thought, we consider it to be unimaginable given the ongoing circumstance to proceed with our business in Russia,” Chief Executive Helena Helmersson said in a proclamation.

The organization means to briefly resume actual stores for a restricted timeframe to sell remaining stock in Russia.

The whole wind-down is supposed to cost around 2 billion Swedish crowns ($191.3 million), of which around 1 billion crowns will have an income influence.

Everything will be incorporated as one-time costs in the outcomes for the second from last quarter.

The logo of H&M is seen at a shut down store in Moscow.

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