The Swedish clothing giant will temporarily reopen, closed since March, to liquidate its stocks.
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The Swedish clothing giant Hennes & Mauritz (H&M), which had already suspended sales in Russia after the invasion of Ukraine, announced on Monday that it would gradually withdraw from this country. The company there employs 6,000 people. “After careful consideration, we see that it is impossible to continue our activity in Russia given the situation”the group’s chief executive, Helena Helmersson, said in a statement.
As part of its withdrawal from the Russian market, H&M plans to temporarily reopen its stores, which closed in early March after the start of the invasion of Ukraine, in order to sell its remaining inventory. According to the group, this withdrawal should cost him a total of 189 million euros.
After the invasion of Ukraine, several large Swedish companies had temporarily ceased their activities in Russia. The manufacturer Volvo had thus stopped sales and production at its plant in Kaluga, in central Russia, while the communications giant Ericsson had announced that it would cease deliveries to Russian customers. Furniture giant Ikea has also decided to “reduce its activities in Russia and Belarus”already suspended after the start of the offensive.