Kommersant: H&M sells business in Russia

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    "Kommersant": H& M sells business in Russia

    The Swedish retail chain H&M is looking for buyers for its Russian assets. This is reported by Kommersant, citing its own sources.

    Thus, the assets put up for sale include lease rights to 170 H&M stores in 65 Russian cities, a distribution center and inventory worth a total of $210 million .

    One of the sources of the publication also said that in early July he received an offer from a fashion retailer to buy Russian assets. The source of the publication also suggests that Melon Fashion Group (the company owns more than 840 stores under the brands Zarina, Befree, Love Republic and Sela) and the Sportmaster group probably received offers to purchase.

    In March, the company suspended work in Russia due to the Russian military special operation in Ukraine, and on July 18, the retail chain announced its final withdrawal from the Russian market.

    Before leaving, H&M plans to open stores to hold a final sale of goods in stock. The sale will take place in August, stores will be open for a limited period of time until stocks are sold out. Earlier, information also appeared on the network that during the sale, prices for the brand's goods would be increased.

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