December 2, 2022

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H&M is leaving Russia.  "The reason is terrible"

H&M is leaving Russia. “The reason is terrible”

The Russian attack on Ukraine has led many Western companies to decide to suspend or withdraw their operations for good A country ruled by Vladimir Putin. H&M is among the companies that have announced plans to withdraw permanently.

H&M leaves Russia

“Well, it’s closing, which is why we’re standing here,” Irina told Reuters. “I will buy whatever is there,” she explained.

Another Russian Ekaterina said:

“Unfortunately, the reason why all this happened is horrific.” Everything else is irrelevant, like how to do without H&M.

The Russian market was the sixth largest for H&M. According to preliminary estimates, leaving Russia will cost the company nearly $ 200 million, and the job will be lost about 6000. Employees, Reuters reported. The company decided not to comment on this issue in more detail. A spokesperson for the retail chain said just that H&M It will periodically reopen its stores in August to sell goods located in warehouses in Russia.

Reuters reported that H&M, the world’s second largest clothing chain, operates more than 170 brick-and-mortar stores in Russia.

Source: Reuters

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