Russia was H&M’s sixth biggest market and the company was increasing its store count there while reducing physical stores in many other markets.
“We are deeply saddened about the impact this will have on our colleagues,” Helmersson said but did not elaborate. A company spokesperson said about 6,000 employees in the country would be affected. The entire wind-down is expected to cost about 2 billion Swedish crowns , of which about 1 billion crowns will have a cash flow impact, H&M said. The full amount will be included as one-time costs in the results for the third quarter.
H&M intends to temporarily reopen physical stores in August to sell the remaining inventory in Russia, a spokesperson said.
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