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A number of leading fashion retailers have temporarily halted sales in Russia following the country’s invasion of Ukraine.
Swedish fashion group H&M announced that it will suspend all sales in Russia, saying it is ‘deeply concerned’ about the situation and ‘stands with all the people who are suffering’.
Russia is the company’s sixth largest market, accounting for 4% of its group sales in the fourth quarter of last year.
H&M has expanded its physical presence in the country to 170 stores, even while closing brick-and-mortar outlets in other countries.
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The announcement comes after the company suspended its store operations in Ukraine to ensure the safety of its customers and colleagues.
In a statement, the company said: “The situation is being continuously monitored and evaluated. Representatives of the company are in dialogue with all relevant stakeholders.
“H&M Group cares for all colleagues and joins all those around the world who are calling for peace.
“Clothes and other necessities are being donated by the company. H&M Foundation has also made donations to Save the Children and to UNHCR.”
ASOS has paused its sales in Ukraine, deeming it ‘impossible’ to serve customers in the country.
Sports apparel brand NIKE has also made merchandise purchases on its website and mobile app unavailable in Russia due to uncertainty in fulfilling deliveries in the country.
The West Auckland Trusts, an alcohol retail chain in New Zealand, recently removed all Russian products from its store shelves in response to the invasion.
The list of retailers taking such measures continues to grow as trading in the two countries has become more difficult due to issues with the movement of goods, as well as several sanctions being imposed on Russia.