H&M has decided to leave Russia for good
Four months after the suspension of activities in Russia, the H&M Group decided to leave the country.
“After careful consideration, we consider it impossible, given the current situation, to continue our business in Russia,” said Helena Helmersson, CEO of H&M Group. “We are deeply saddened by the impact this will have on our colleagues and are very grateful for their hard work and dedication. In addition, we want to thank our customers for their support over the years."
H&M has been operating in Russia since 2009, and in the fourth quarter of 2021, the Russian market accounted for 4% of the retailer's sales. As of November 30, 2021, H&M Group operated 168 stores in Russia and an e-commerce site. All retail has been closed since March 2. The company also opened its first Arket store in the country in December 2021. H&M rents stores in the market and operates them directly.
In total, 181 stores remained closed in anticipation of the exit from Russia, Belarus and Ukraine, and 7500 employees worked in three markets. Prior to the Covid-19 pandemic in fiscal 2019, these markets accounted for approximately 10% of the group's operating income.
However, the release of H&M is not yet complete. As part of the winding down process, the retailer will temporarily reopen retail in Russia for a short period of time to clear inventory.
Total assets in Russia, which include inventories, cash and cash equivalents, equipment and right-of-use assets, totaled SEK 4,4 billion (approximately $427 million) at the end of the quarter.
Four months after the suspension of activities in Russia, the H&M Group decided to leave the country.
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