The Swedish textile group Hennes & Mauritz AB (H&M) also wants to draw a final line under its presence in Russia. On Monday, the company announced it would start the settlement process for its stores in the country. The clothing retailer, which owns brands such as H&M, Cos, Monki, Weekday, & Other Stories and Arket, temporarily stopped its trading activities there on March 2, shortly after the start of the Russian war of aggression against Ukraine.
“After careful consideration, we consider it impossible to continue our business in Russia given the current situation,” said CEO Helena Helmersson in a statement. “We are deeply saddened by the impact this will have on our colleagues and very grateful for all their hard work and dedication. We also want to thank our customers for their years of support.”
The group therefore wants to make business transactions “responsible” and stated that it will support its affected employees “as best as possible in the coming months”. As part of the process that has now started, the branches in Russia would be opened again for a short time in order to sell off the remaining stock, the company said.
The clothing supplier estimated the cost of withdrawing from the country at around two billion Swedish crowns (190 million euros). The corresponding amount is to be booked as a negative special effect in the third quarter of the current financial year.