H&M has said that it will withdraw operations from Russia permanently.

The fashion retailer has initiated a process of winding down the business in the country.

It said that it will temporarily reopen physical stores for a limited period of time to sell remaining inventory in Russia.

It said that the wind-down will lead to costs of around £160 million.

“After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” said Helena Helmersson, chief executive, H&M Group. “We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication.

“Furthermore, we wish to thank our customers for their support throughout the years.”

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