H&M latest to sell off Russia business chain

MOSCOW, 28 July 2022:

Swedish clothing retailer Hennes & Mauritz (H&M) has put its business in Russia up for sale after announcing it is leaving the country entirely in the wake of its invasion of Ukraine, Russia’s Kommersant newspaper reported today.

The new owner would acquire leasing rights to around 170 stores in 65 cities across the country, a 577,000 sqm distribution centre, and an inventory of US$210 million, according to Kommersant.

The newspaper pointed out that 40% of the stores have lease agreements until 2050, while 50% are until at least 2030.

Potential buyers include leading Russian fashion retailer Melon Fashion Group, which owns more than 84 stores and four clothing brands, and SportMaster, a sports retailer of more than 600 stores.

– EFE