H&M ended up throwing in the towel. The Swedish textile giant announced on Monday its intention to withdraw from the Russian market, due to the ongoing invasion of Ukraine. It had already closed its stores and offices in Kyiv for security reasons.
This withdrawal is estimated at about 190 million dollars in losses. In particular, most Russian stores are expected to temporarily reopen to sell inventory.
Suspension of activities from March 2
The group had already suspended its sales on March 2, following many other multinationals, such as MacDonald’s, Starbucks or Coca-Cola, for example. On the other hand, he had not fully retired, hoping for a return to activities in the future.
Other Swedish companies, such as Volvo, which has stopped selling trucks in Russia and producing at its Kaluga plant, or the telecommunications infrastructure provider Ericsson, have ceased their activities in Russia.
Source: BFM TV
