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Sweden’s H&M temporarily suspends sales in Russia -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: People queue outside the Swedish fashion retailer Hennes & Mauritz (H&M) store on its opening day in central Moscow, Russia, May 27, 2017. REUTERS/Maxim Shemetov/File Photo

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STOCKHOLM (Reuters) -Swedish fashion group H&M is temporarily pausing all sales in Russia, it said on Wednesday, joining a growing list of companies shunning the country since it invaded Ukraine.

The second-largest fashion retailer in the world said that it is deeply worried about Ukraine’s recent developments and would “stand by all people who are hurting”.

Russia was H&M’s sixth biggest market with 4% of group sales in the fourth quarter of 2021. It has decreased the number of stores in some markets but has increased its store count in Russia.

“H&M Group has decided to temporarily pause all sales in Russia,” the company, whose biggest rival is Inditex Statement by (MC:).

Following the invasion of Ukraine, many of the largest Western companies have stopped operations in Russia. This is an unprecedented act of corporate resistance against Moscow.

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