Swedish fashion retailer H&M said on Monday it had decided to wind down operations in Russia having paused all sales there in March, following Moscow's invasion of Ukraine.
The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar/File Photo
"After careful consideration, we see it as impossible given the current situation to continue our business in Russia," H&M Group CEO Helena Helmersson said in a statement. H&M, which has operated in Russia since 2009, said it would reopen stores in Russia "for a limited period of time to sell remaining inventory" as part of the exit process.
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