// H&M has become the latest big name to pause all sales in Russia saying it is “deeply concerned” over the ongoing Russian invasion of Ukraine
// Recent figures show Russia is H&M’s sixth-biggest market, accounting for about 4% of group sales in the last quarter of 2021
The world’s second-largest clothing retailer H&M has become the latest big name to pause all sales in Russia saying it is “deeply concerned” over the ongoing situation in Ukraine.
The Swedish retail giant has already temporarily shuttered all stores in Ukraine “due to the safety of customers and colleagues”.
It joins several other major retailers, including ASOS, Burberry, Boohoo, Nike and Apple in halting all trading in Russia after troops invaded Ukraine last Thursday.
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A statement from the H&M Group said: “H&M Group is deeply concerned about the tragic developments in Ukraine and stand with all the people who are suffering.
“H&M Group has decided to temporarily pause all sales in Russia. The stores in Ukraine have already been temporarily closed due to the safety of customers and colleagues.
“The situation is continuously monitored and evaluated. Representatives of the company are in dialogue with all relevant stakeholders.”
It added that it joins “all those around the world who are calling for peace” and said clothes and other necessities are being donated by the company, while the H&M Foundation has made donations to Save the Children and the UNHCR.
H&M Group also owns & Other Stories, Arket, COS, Weekday, Monki and Cheap Monday.
Recent figures show Russia is H&M’s sixth-biggest market, accounting for about 4% of group sales in the last quarter of 2021.
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