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H&M clothing company headquartered in Sweden, is the next major brand to announce its plan to leave Russia. Before its total exit, it will be temporarily reopening its stores so it can sell off all of the remaining items in the outlets.
H&M explained that it finds it difficult to continue its business operation in Russia because of the war in Ukraine. It said it is now just impossible to stay in the country and sell its products, so it will just be withdrawing its business.
According to BBC News, the clothing retail giant's decision comes several months after it first halted its sales in Russia, and this was in March. It was in the early period when the Russian army was attacking Ukraine in an attempt to invade it.
While the company has already revealed its intention to leave, it has not stated an exact date or timeframe when it will officially make its exit. Once H&M leaves, around 6,000 workers are going to be affected as more than 150 of its stores are set to close.
"After careful consideration, we see it as impossible given the current situation to continue our business in Russia," Helena Helmersson, H&M's chief executive officer, said in a statement on Monday, July 18. "We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication. Furthermore, we wish to thank our customers for their support throughout the years."
Before H&M suspended its sales in March this year, Russia was the company's sixth biggest market, making up around four percent of group sales in the fourth quarter of 2021. It was learned that the fashion retailer was expanding its presence in Russia since 2009; thus, it was able to open many shops and launch the brand under other names as well, such as Weekday & Other Stories fashion label.
In any case, once it departs from Russia, the company predicted to incur a loss of around $191 million or two billion Swedish Krona. The company's store outlets in Ukraine were also shut down because of safety concerns for staff and customers.
