The Swedish multinational said it wanted to leave Russia after stopping the sales of its lines shortly after the outbreak of the war
The clothing chain Hennes & Mauritz (H&M), protagonist of the fast fashion market, has declared that it wants to renounce its presence in the Russian market, thus following the trail of other brands known worldwide such as, for example, the king of toy bricks, Lego.
The company, founded on October 4, 1947, in Sweden, by Errling Persson and also owner of the brands Cheap Monday, COS, Monki, Weekday & Other Stories and Honda, has been present in Russia with its own stores since 2009 Following Russia’s decision to invade Ukraine, the multinational has decided to express its dissent by taking the first steps. In fact, on March 2, 2022, the company decided to suspend all sales in the Russian market.
TThe company then decided to go further. In fact, in a company note, it was stated that: “Given the current operational challenges and an unpredictable future, the company announces today that it has decided to start a process of liquidation of the business in the country”. The CEO of the Swedish group, Helena Hemersson, said: “After a mature reflection, we find that it is impossible to continue our business in Russia, given the situation.”