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STOCKHOLM (Reuters) -Swedish fashion group H&M is temporarily pausing all sales in Russia, it said on Wednesday, joining a growing list of companies shunning the country since it invaded Ukraine.
The world’s second-biggest fashion retailer said it was deeply concerned about the tragic developments in Ukraine and “stand with all the people who are suffering”.
Russia was H&M’s sixth biggest market with 4% of group sales in the fourth quarter of 2021. While it has been reducing the number of physical stores in many markets, it has been increasing store count in Russia.
“H&M Group has decided to temporarily pause all sales in Russia,” the company, whose biggest rival is Inditex, said in a statement.
Some of the biggest Westerns brands have suspended operations in Russia in an unprecedented wave of corporate action against Moscow following its invasion of Ukraine.
Reporting by Helena Soderpalm and Anna Ringstrom; Editing by Leslie Adler
