Swedish retailer Hennes & Mauritz AB will start winding down its operations in Russia, having halted all sales in the country in March after Russia’s attack on Ukraine.
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The Stockholm-based company expects to book costs of 2 billion kronor from the process, of which about 1 billion kronor will have a cash-flow impact, it said in a statement. The group plans to reopen physical stores in Russia for a limited period of time to sell remaining inventory. H&M’s Russian business accounted for about 4 per cent of its 199 billion kronor in sales during the last financial year. The company has operated in the country since 2009. In March, H&M’s head of investor relations, Nils Vinge, said it was “no secret that Russia was one of the most important growth markets of the company.”
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