A new Swedish company leaves the Russian ship.
After Volvo and Ikea, it is the Swedish clothing giant Hennes & Mauritz (H&M), which had already suspended sales in Russia after the invasion of Ukraine.
"After careful consideration, we see that it is impossible to continue our business in Russia given the situation," Group Chief Executive Helena Helmersson said in a statement.
Established in Russia since 2009, H & M has around 6,000 employees there.
“We are deeply saddened by the impact this will have on our colleagues and we are very grateful to them for all their hard work and dedication,” added Helena Helmersson.
According to the group, this withdrawal should cost it a total of 2 billion Swedish crowns (about 189 million euros), including a reduction in its liquidity of about 1 billion crowns.
As part of its withdrawal from the Russian market, H&M plans to temporarily reopen its stores in order to sell its remaining inventory.
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