Swedish fast fashion retailer H&M has opened doors to Russia – and this time it is to sell inventory.
Following the opening, there’s been a mad rush of Russian consumers to buy H&M products for one last time.
It was only last month H&M had announced to exit Russia. Ever since the Russia-Ukraine war started early this year, one saw many brands – including fashion brands – leave the country.
While H&M hasn’t responded as yet, the customers are surely feeling the pain. One of the customers, reportedly, said it will be difficult to manage without H&M.
It isn’t less painful for H&M as well!
The clothing giant’s move to leave Russia might end up costing the retailer nearly US $ 200 million, impacting as many as 6,000 employees.
Founded in 1947, H&M is known for its fast-fashion apparels for men, women, teenagers and children. It generated US $ 24.8 billion in 2019.
