Money
H&M suspends sales in Russia as corporate exodus grows
Global retailer H&M has announced it’s temporarily suspending all sales in Russia due to the invasion of Ukraine
The world’s second-biggest retailer has revealed that it’s concerned about the developments in Ukraine as Russia continues its aggression in the region.
In an official statement, the Swedish retailer stated that it stands “with all the people who are suffering”.
H&M is the latest firm to halt sales in a widening corporate backlash against Moscow.
On Wednesday evening, H&M’s Russian English-language website was unavailable for customers to place orders.
Russia is H&M’s sixth-biggest market, according to recent financial data.
It’s market accounting for about 4% of group sales in the fourth quarter of 2021.