H&M has decided to leave Russia for good
18.07.2022 3801

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.
5
1
Rating

Latest News

Companies in Europe will be banned from destroying clothing and footwear.

The European Commission has adopted new ecodesign measures that will ban large companies operating in the European Union from destroying unsold shoes and clothing from 19 July 2026, in a bid to curb the practice, which generates CO2 emissions annually, in…
11.02.2026 71

In 2025, the volume of retail space commissioned in Moscow will double.

According to NF GROUP, the total volume of retail space coming online in Moscow will reach 197,9 square meters in 2025, almost double the 2024 figure.
10.02.2026 291

Business breakfast at the CPM exhibition

Vladimir Mukhin and Boris Zarkov's renowned contemporary Russian restaurant, White Rabbit, which was included in the Michelin Guide in 2022, hosted the traditional business breakfast of the industry's largest international exhibition on February 5.
09.02.2026 428

A new collaboration between luxury and sports brands has been released: Thom Browne x Asics.

With the collaboration with Asics, the American brand Thom Browne, committed to classic style, has added its first sneakers to its collection.
09.02.2026 629

The US and India have reached an agreement to reduce tariffs by up to 18%.

US President Donald Trump announced a trade agreement with India, under which tariffs on Indian goods will be reduced from 50% to 18%. Trump linked this move to India's halting purchases of Russian oil and a decline in trade…
06.02.2026 724
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning