H&M made the decision in July to close down its Russian business in response to the ongoing Russia-Ukraine conflict, a move that Reuters reported would cost the business almost US$200 million and affect 6,000 employees.

Now, the company has decided to sell its assets in Russia, according to the Russian Ministry of Industry and Trade.

According to the ministry, the assets could be sold to a Russian company or a business from a “friendly” country, meaning one of those who has not yet imposed sanctions against Russia.

Speaking on the decision to wind down its business in July, H&M CEO Helena Helmersson said: “After careful consideration, we see it as impossible given the current situation to continue our business in Russia.”

Source: Reuters