H&M Group has announced its intention to gradually reopen the majority of its stores in Ukraine starting in November.
This decision comes after the temporary closure of H&M Group’s stores in Ukraine in February 2022 due to Russia’s invasion.
The company’s website states, “As H&M Group continues to monitor the situation in the country, preparations are being made to reopen the majority of H&M stores where possible.”
H&M Group has been in contact with local stakeholders to determine the best ways to support the country and local communities as they recover from the crisis.
According to Reuters, as of November 2021, H&M Group had eight stores in Ukraine.
In addition to H&M, the group is also home to fashion brands like Weekday, Cos, Arket, and Monki. Following the invasion of Ukraine, H&M Group decided to exit the Russian market and explore new markets, including Latin America, to make up for the revenue shortfall.
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