UPDATE: Swedish clothing company H&M to leave Russia

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ZURICH, Jul 18 (PRIME) -- One of the world’s biggest clothing companies, Sweden’s H&M, has announced its decision to leave the Russian market, the company said in a statement on Monday.

“H&M Group has suspended all sales in Russia. Considering the current operating problems and an unpredictable future, the company is today announcing that it has decided to begin the process of ceasing its operations in the state,” the company said.

CEO Helena Helmersson said that the company’s further operations in Russia in the present conditions are impossible.

A spokesperson for the company told PRIME that H&M will temporarily open its offline stores across Russia to sell off the remaining goods from August 1.

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