Fashion retailer H&M confirms closure of Russian stores

    REGION  06 December 2022 - 17:57

    Swedish fashion retail giant H&M has confirmed the closing of all its Russian stores after having previously remained open and selling off their inventory.

    As Kommersant reported, the company's press service published that news, saying "We confirm, that all stores of the H&M Group have closed in Russia".

    The Swedish retailer announced on November 25 that it would close 114 of its 146 stores in Russia after having announced in March that they would stop sales citing "restrictions that hinder the operations and create uncertainties for the future".

    While many retailers have announced their closing in Russia in response to the country's military attacks on Ukraine and wide-reaching sanctions, many continue to be accessible to clients in Russia by restructuring their business model. As Russian Izvestiya reported, another retail titan, Zara, which belongs to the Spanish Inditex firm, continues to operate in Russia under the name "New Fashion" (Novaya Moda) under the management of a Lebanese retail company.

    Caliber.Az

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