HandM customers in Russia wait in line as the retailer gets ready to close its Moscow location
As Handamp;M prepares to close its Russian stores, customers line up through a Moscow shopping center to purchase their final items from the retailer.
Several companies, including Handamp;M, Ikea, and Nike, had shut down their operations there. However, Handamp;M reopened to liquidate its inventory before permanently exiting the Russian market, at a cost to the company of nearly £170 million.
The reason why this is happening is terrible, the customer Ekaterina said.
How we will survive [without Handamp;M]and everything else are meaningless.
Another client, Irina, told Reuters, “Well, it’s closing, so that’s why we’re standing here.”
I’ll purchase whatever is available.
IKEA, a well-known retailer of furniture, has reopened for an online-only sale, but Handamp;M decided to welcome back customers.
Handamp;M expects that leaving Russia, its sixth-largest market, will cost it nearly (dollar)200 million and have an impact on 6,000 employees.
A request for comment from Handamp;M did not get a prompt answer.
An official from the company stated in July that Handamp;M would briefly reopen physical stores in August to sell the remaining stock in Russia.
The country is where Handamp;M, the second-largest fashion retailer in the world, rents and manages its 170 physical stores.
Brands like H&M, Ikea and Nike have stopped operations in Russia due to the warH&M has reopened stores to clear out its goods before leaving Russia for goodA customer said ‘how are we going to manage,’ and the closure was ‘awful’The closure of Russian stores has cost H&M nearly £170m and affects 6,000 staff