H&M stores in Russia will soon reopen temporarily for a closing sale. In this way, the Swedish clothing chain wants to sell its remaining stocks in the country, after which the company will close its branches in Russia.
H&M decided to close all its stores in Russia, Belarus, and Ukraine shortly after the Russian invasion of Ukraine. It involved a total of 185 stores.
Russia was H&M’s sixth market, accounting for approximately 4 percent of sales. But H&M thinks the situation is too uncertain about maintaining its presence in the country any longer.
As a result of the decision, the chain expects to have to write off around 187 million euros. The plans for the stores in Belarus and Ukraine have not been disclosed.