H&M exits Russia citing its invasion of Ukraine

Swedish fashion retailer H&M said on July 18, 2022, that it would permanently close its stores in Russia, after already suspending sales there in March following Moscow's invasion of Ukraine. The company cited "current operational challenges and an unpredictable future" as the basis for the decision. H&M had about 6,000 employees in Russia and has operated in the country since 2009.