H&M chief executive Helena Helmersson said the fashion retailer sees it as ‘impossible’ to continue business in Russia given the ongoing war in Ukraine
H&M, the world’s second-biggest fashion retailer, said on Monday it had decided to wind down its business in Russia, joining a growing list of companies fully exiting the country and sending its shares down 1 per cent.
“After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” Chief Executive Helena Helmersson said in a statement. The entire wind-down is expected to cost about 2 billion Swedish crowns , of which about 1 billion crowns will have a cash flow impact, H&M said. The full amount will be included as one-time costs in the results for the third quarter.The shutdown will affect the company’s 170 physical stores in the country and its online sales channels, a spokesperson said.
“We are in contact with all actors that have been affected by the suspended measure and we are exploring different alternatives… But at this moment there is no other decision than to continue to monitor the situation,” said Inditex CEO Oscar Garcia Maceiras.
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