The Swedish retailer H&M has announced its complete exit from the Russian market. Their stores will open to sell off all goods.
This is stated in a statement on the companyʼs website.
They informed that they had been doing business in the Russian Federation since 2009 and regretted that they could not continue working there at the moment. Now the greatest attention will be paid to closing the business and supporting employees.
"After careful consideration, we consider it impossible to continue our business in Russia given the current situation. We are deeply saddened by the impact this will have on our colleagues and are very grateful for all their hard work and dedication. In addition, we want to thank our customers for their support over the years," said H&M Group CEO Helena Helmersson.
They said that the stores will open for a short time in order to arrange a full sale of goods.