Clothing Retailer, H&M Plans To Leave Russia

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Clothing Retailer, H&M Plans To Leave Russia

The BBC is reporting the world’s second-biggest clothing retailer, H&M, has announced it is leaving Russia.

The company reportedly has more than 150 stores and about 6,000 staff in Russia.

Russia was H&M’s sixth-biggest market, accounting for about four percent of group sales in the fourth quarter of 2021.

H&M forecast departing from Russia will cost the group about two billion Swedish Krona.

The company said it was “impossible” to continue its business in Russia due to the Ukraine war.

In March the Swedish firm suspended all sales in Russia, shortly after Russian troops invaded Ukraine in late February.