H&M, which has 5,000 stores globally, is set to close stores in “established markets” and open stores in “growth markets”. In totally, there will be 145 fewer stores.
H&M Group already confirmed plans to shut 250 stores globally last summer, as part of its recovery strategy from the pandemic.
Following the onset of the conflict between Russia and Ukraine, H&M closed 185 stores in Russia.
It also stopped online sales to Russia.
Russia was the retailer’s sixth largest market, representing four percent of worldwide sales.
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