H&M spends $184 million to leave Russia

H&M spends $184 million to leave Russia


The Swedish clothing chain H&M, which announced its withdrawal from Russia in July, estimated the associated costs at SEK 2.104 billion (approximately $184 million). Operating costs for exiting the Russian market were higher than previously planned due to the weakening of the Swedish currency.

“A one-time cost of SEK 2.104 billion related to the exit from Russia measures affected the results (third.— "b") of the quarter,” says the current report companies. It is noted that the total sales of the Swedish retailer for the third quarter increased by 3% compared to the second quarter.

H&M stores in Russia have been closed since March. July 18 retailer announced about the final withdrawal from Russia and began the process of curtailing local businesses. In total, more than 150 outlets of the Swedish network were opened in the country; it entered the Russian market in 2009.

Izvestia, citing its sources reportedthat H&M began to supply Russian stores, which were reopened in August for the sale of the assortment, with a new collection of clothes. According to experts, the process of changing tenants of H&M outlets in Russia may take a whole year.

Read more about the departure of H&M - in the material "Kommersant" "H&M Coming".

Andrey Sapozhnikov



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