H&M’s subsidiary in Russia has begun the liquidation of the legal entity. It is scheduled to close in June 2025. The Swedish company itself has not operated in the Russian Federation since 2022, a year it completed with a net loss of 9.7 billion rubles.
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The Russian subsidiary of the Swedish retailer H&M has started the process of liquidating the legal entity. Interfax reported this.
According to the Unified State Registry of Legal Entities, the planned date for the total liquidation of the legal entity is June 5, 2025.
H&M has not operated in Russia since 2022, the company decided to reduce its business after the start of a special operation in Ukraine. At the end of 2022, H&M’s subsidiary in the Russian Federation suffered a net loss of 9.7 billion rubles. In 2023, losses amounted to 11 billion rubles.
H&M’s assets in Russia, Belarus and Ukraine were previously valued at $433 million.
Author:
Kirill Bilyk
Source: RB
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