// H&M must sell its Russian business to a local firm or one from a country that did not impose sanctions on Russia following its invasion of Ukraine
// H&M revealed that it would wind down its Russian business earlier this month
H&M must sell its assets in Russia to either a local firm or one from a “friendly” country – one that did not impose sanctions against Russia over its invasion of Ukraine earlier this year, the Russian Ministry of Industry and Trade said yesterday.
It has temporarily reopened its Russian stores as it looks to sell off remaining stock ahead of the wind down, which is expected to cost H&M two billion Swedish Krona (£161 million).
READ MORE: The retailers pulling out of Russia – from Apple to Zara
H&M chief executive Helena Helmersson said earlier this month: “After careful consideration, we see it as impossible given the current situation to continue our business in Russia.
“We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication. Furthermore, we wish to thank our customers for their support throughout the years.”
The fashion giant, which has traded in Russia since 2009, is understood to have more than 150 stores in Russia, which was its sixth-biggest market. It accounted for about 4% of group sales in the fourth quarter of 2021.
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