H&M temporarily suspends sales in Russia

Swedish fashion group H&M is temporarily pausing all sales in Russia, it said on Wednesday.

The world's second-biggest fashion retailer said it was deeply concerned about the tragic developments in Ukraine and "stand with all the people who are suffering".

"H&M Group has decided to temporarily pause all sales in Russia," the company said in a statement.

Russia was H&M's sixth biggest market with 4% of group sales in the fourth quarter of 2021. While it has been reducing the number of physical stores in many markets, it has been increasing store count in Russia to currently 170.

H&M said its stores in Ukraine had already been temporarily closed due to the safety of customers and colleagues. "The situation is continuously monitored and evaluated," it added.