H&M shuts down Russian operations, causing billions of crown losses

“Swedish Daily News” reported on July 18 that H&M, a Swedish clothing chain distributor, said that the company has decided to stop its business in Russia, which has brought billions of Swedish kronor to the group. loss. H&M said that in view of the current operating challenges and the unpredictable future, the company announced that it will begin to gradually close its business in Russia. H&M has entered the Russian market since 2009. It is estimated that closing the business in Russia will cost the company 2 billion Swedish kronor, of which 1 billion kronor is in cash. H&M said it would sell remaining inventory in Russia. Earlier this year, H&M suspended its operations in Russia after the Russia-Ukraine war broke out.