H&M seek to look for buyer for assets in Russia

The Swedish clothing retailer H&M, which announced its withdrawal from Russia in March, put its business and goods up for sale.

In case of acquisition, potential buyers are offered lease rights for about 170 stores, and a distribution centre with an area of 57,700 square meters and inventory with a total value of $210 million, Kommersant reports.

The assets for sale include a portfolio of leasehold rights to approximately 170 stores in 65 Russian cities. Of these, 40% are valid until 2050, and 50% - until 2030-2050. A Kommersant source in the industry confirmed that in the first half of July it received an offer to buy the Russian entity of the chain of stores.

H&M Group suspended operations in Russia in early March amid the entry of Russian troops into Ukraine. The group announced their withdrawal from the market on July 18.

The company estimated the cost of closing the business at almost 11 billion rubles. (about 2 billion SEK).