Fashion Retailer H&M joins TJX, others in exiting Russia

H&M had about 170 stores in Russia and paused sales in March 2022. The closure of H&M stores in Russia, Belarus, and Ukraine has affected the Swedish retailer’s overall revenue.

Chief Executive Helena Helmersson said in a statement to CTV News, “After careful consideration, we see it as impossible given the current situation to continue our business in Russia.” Russia was the group’s sixth-largest market at the end of 2021, representing around $200 million in revenue during the last quarter of that year.

The company suspended its business in Russia in early March, in the wake of Western sanctions against Moscow. H&M’s exit from the Russian market is expected to cost almost $200 million and affect 6,000 staff members.

The company plans to wind down its business in Russia, which includes shutting down its 170 physical stores and online sales channels. H&M rents these stores and operates them directly…