H&M to fully exit Russia

STORY: H&M is the latest western firm to say it’s leaving Russia.

The world’s number two fashion retailer has suspended sales there since March.

Now it’s going to wind down altogether.

Chief executive Helena Helmersson said the current crisis left no alternative.

She said she was deeply saddened for colleagues there.

A spokesperson said around 6,000 workers would be affected.

Russia had been H&M’s sixth-biggest market, and one of the few where it was still opening more outlets.

Now the wind-down is expected to cost it around $191 million.

Its stores will temporarily reopen to sell remaining stock.

Bigger rival Inditex, owner of the Zara chain, said last week it would keep operations suspended for the time being.

H&M shares fell around 1% in early trades on Monday.

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