Photo: Getty Images
Swedish retailer H&M has announced that it is temporarily suspending all sales in Russia due to its invasion of Ukraine. The company expressed concern for developments in Ukraine and said in an official statement released Wednesday that it stands “with all the people who are suffering.”
H&M is the latest in the list of corporate backlash against Russia’s invasion of Ukraine.
By Wednesday evening, the company’s Russian English-language website was unavailable for orders.
Russia accounts for about 4% of H&M’s group sales in the fourth quarter of 2021 and is H&M’s sixth biggest market.
H&M has recently been expanding in Russia. They’ve opened shops under Weekday & Other Stories, another of their brands. Russian shoppers also place online orders for clothes from the brands Monki and Cos.
More than 150 H&M stores in Russia are stated in H&M’s 2020 annual report, which will all be temporarily closed due to the conflict.
The firm said on Wednesday that their shops in Ukraine had also already been closed “due to the safety of customers and colleagues,”
It is among other major firms that have taken a stand against Russia’s invasion of Ukraine.
On Wednesday, fast fashion retailer Asos also announced that it would no longer serve customers 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,” the Asos spokesperson said.
Customers in Russia of Boohoo and Nike are no longer able to order their products online. However, the two companies have not explicitly commented on the conflict.
Apple sales in Russia have also paused. The company said it was “deeply concerned” and that they stand with those “suffering as a result of the violence.”
Opinions expressed by CEO Weekly contributors are their own.
