Fashion Group H&M to Exit Russia Over ‘Impossible’ Situation

Swedish retailer Hennes & Mauritz AB will start winding down its operations in Russia, having halted all sales in the country in March after Russia’s attack on Ukraine.

The Stockholm-based company expects to book costs of 2 billion kronor ($190 million) from the process, of which about 1 billion kronor will have a cash-flow impact, it said in a statement. The group plans to reopen physical stores in Russia for a limited period of time to sell remaining inventory.