Post by account_disabled on Feb 25, 2024 1:20:22 GMT -6
H&M joins the list of companies that are ceasing operations in Russia after invading Ukraine. Know the reasons.
The H&M brand, the second largest clothing retailer in the world, said that it was "impossible" to continue its business in Russia, due to the war. According to the BBC portal , the decision comes after the Swedish firm suspended all sales in the attacking country in March 2022, shortly after Russian troops were deployed through Ukrainian territory.
And although the company has not given an exact date of its departure, the truth is that this decision would affect more than 150 stores and around 6,000 employees. Given this, H&M has indicated that:
«After careful consideration, we see that it is impossible to continue our business in Russia given the current situation. We are deeply saddened by the impact this will have on our colleagues and very grateful for all their hard work and dedication. Additionally, we would like to thank our customers for their support over the years.”
Helena Helmersson, CEO of H&M.
H&M leaves Russia and goes…
The fast fashion company is one of many to withdraw Cell Phone Number List from Russia in recent months, some of which have left under the argument that sanctions imposed by Western allies have made trade unviable and impossible in some. sectors. While others have taken a moral stance on the war, or are responding to pressure from their stakeholders .
H&M joins the list of companies that are ceasing operations in Russia after invading Ukraine. Know the reasons.
Before suspending its activity, Russia was H&M's sixth largest market, representing around 4% of the group's sales in the fourth quarter of 2021. The clothing giant had been expanding its presence in that nation, since it began operate in 2009, including opening stores under other brands in its portfolio such as Weekday and & Other Stories. Additionally, shoppers could order Monki and Cos brand clothing online.
This action by H&M, it has been reported, will cost it around two billion Swedish crowns (£160 million), coupled with the closure of its Ukrainian branches due to concerns about the safety of customers and staff. However, the posture towards the conflict can contribute to the company's reputation, since interested parties have punctually followed corporate reactions.
The H&M brand, the second largest clothing retailer in the world, said that it was "impossible" to continue its business in Russia, due to the war. According to the BBC portal , the decision comes after the Swedish firm suspended all sales in the attacking country in March 2022, shortly after Russian troops were deployed through Ukrainian territory.
And although the company has not given an exact date of its departure, the truth is that this decision would affect more than 150 stores and around 6,000 employees. Given this, H&M has indicated that:
«After careful consideration, we see that it is impossible to continue our business in Russia given the current situation. We are deeply saddened by the impact this will have on our colleagues and very grateful for all their hard work and dedication. Additionally, we would like to thank our customers for their support over the years.”
Helena Helmersson, CEO of H&M.
H&M leaves Russia and goes…
The fast fashion company is one of many to withdraw Cell Phone Number List from Russia in recent months, some of which have left under the argument that sanctions imposed by Western allies have made trade unviable and impossible in some. sectors. While others have taken a moral stance on the war, or are responding to pressure from their stakeholders .
H&M joins the list of companies that are ceasing operations in Russia after invading Ukraine. Know the reasons.
Before suspending its activity, Russia was H&M's sixth largest market, representing around 4% of the group's sales in the fourth quarter of 2021. The clothing giant had been expanding its presence in that nation, since it began operate in 2009, including opening stores under other brands in its portfolio such as Weekday and & Other Stories. Additionally, shoppers could order Monki and Cos brand clothing online.
This action by H&M, it has been reported, will cost it around two billion Swedish crowns (£160 million), coupled with the closure of its Ukrainian branches due to concerns about the safety of customers and staff. However, the posture towards the conflict can contribute to the company's reputation, since interested parties have punctually followed corporate reactions.