Marketing

H&M leaving Russia

Photo by istock.com

July 27, 2022

The Russian invasion of Ukraine is prompting H&M to shutter its stores in Russia.

The retailer had halted sales at its 181 stores at the start of March, shortly after the war began, and is the latest retailer to make the decision. Nike announced the same move last month, according to the Wall Street Journal.

"After careful consideration, we see it as impossible given the current situation to continue our business in Russia," Chief Executive Helena Helmersson told the news outlet.

The retailer, which has done business in Russia for 22 years, will open stores to sell off inventory before final closure.