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Clothing giant Hennes & Mauritz (H&M), which in March suspended sales in Russia, announced that it will gradually withdraw from the country due to the invasion of Ukraine.
“After careful reflection, we see that it is impossible to continue our business in Russia given the situation,” said the managing director of the Swedish group, Helena Helmersson, in a statement.
In the strategy to exit the Russian market, H&M plans to temporarily reopen its stores, which were closed days after the beginning of the invasion of Ukraine, to sell the “stock”.
According to the group, this withdrawal is expected to cost it a total of SEK 2 billion (approximately EUR 189 million), including a liquidity reduction of around SEK 1 billion.
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