H&M To Sell Off Stock Before Leaving Russia

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The world’s second-biggest clothing retailer H&M has said it is leaving Russia.

But temporarily, its shops will be reopened there to sell off its remaining stock.

Sales were suspended by the Swedish firm in March, shortly after Russian troops invaded Ukraine in late February.

Prior to it suspending sales, Russia was H&M’s sixth-biggest market, accounting for about 4% of group sales in the fourth quarter of 2021.

H&M forecast departing from Russia will cost the group about £160m.

Thepigeonexpress

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