H&M to sell Russian business to local or foreign company – ministry

2022.07.28 15:10

FILE PHOTO: The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar/File Photo

MOSCOW (Reuters) – H&M, the world’s second-biggest fashion retailer, has decided to sell its assets in Russia, the Russian Ministry of Industry and Trade said on Thursday.

The potential buyer could be a Russian company or an entity from a “friendly” country – one of those that have not imposed sanctions against Russia, the ministry added.

H&M said earlier this month it had decided to initiate a process of winding down its business in Russia.

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