Due to the invasion of Ukraine, H&M has declared that all sales in Russia would be temporarily halted.
On Wednesday, the world’s second-largest retailer expressed alarm over the developments in Ukraine.
The Swedish store declared in an official statement that it stands “with all the people who are suffering.”
H&M is the latest company to cease sales in response to Russia’s “barbaric” attacks, as defined by UK Prime Minister David Cameron.
Customers were unable to place orders on H&M’s Russian English-language website on Wednesday evening.
Russia is H&M’s sixth-largest market, accounting for around 4% of group sales in the fourth quarter of 2021, according to current estimates. The fashion behemoth has recently increased its footprint in Russia by launching stores under its other brand names, Weekday and & Other Stories. Clothing from the labels Monki and Cos may order online in Russia.
According to the retailer’s 2020 annual report, it presently has around 150 outlets in Russia. All of which may have to close due to the conflict.
On Wednesday, the company announced the temporary shutdown of outlets in Ukraine. The shutdown is “for the protection of customers and workers.”
It joins a slew of other large corporations who have spoken out against Russian President Vladimir Putin’s invasion of Ukraine.
Not Only H&M But Other Major Companies halt their services
On Wednesday, fast-fashion retailer Asos declared that it will no longer serve consumers in Russia.
“Against the backdrop of the continuing war, Asos has decided that it is neither practical nor right to continue to trade in Russia.” an Asos representative said on Wednesday.
Customers in Russia may no longer order Boohoo and Nike products online because of the turmoil.
Apple has likewise halted all product sales in Russia, citing “great concern”. And expressing solidarity with people “suffering as a result of the violence.”