According to reports, Swedish textile company Hennes & Mauritz (H & M) suspended sales in Russia in March this year and recently began liquidation in Russia’s business to end its activities in the country. The decision to leave the Russian market will cause HM to lose 189 million euros. Russia is the sixth largest market for H & M. Before the outbreak of the Russian and Ukraine War, the company was increasing its number of stores in Russia and reducing physical stores in many other markets.
But “Given the current operating challenges and unpredictable futures”, this multinational company that has been operating in Russia since 2009 believes that it needs to close its business in Russia. At present, HM plans to temporarily re -open the store to clean up the remaining inventory, and then it will be thoroughly thorough Close all in Russian stores.
Post time: Jul-20-2022