The Swedish clothing retail H&M Group estimated its cost from withdrawing from the Russian market at over 191 million U.S. dollars. After suspending sales in the country in March 2022 following the invasion of Ukraine that began a month prior, the company announced in July 2022 that it would completely leave Russia. In 2021, the group achieved a revenue of nearly 868 million U.S. dollars in Russia. That was the highest revenue since 2009, when the company entered the market.
Key figures of the H&M Group in Russia as of July 2022, by indicator
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The statistic has been compiled from several sources.
The revenue, number of stores, and employee count were obtained from the 2021 annual report of the H&M Group. The revenue figure was converted from SEK to USD using the average exchange rate from December 1, 2020 to November 30, 2021, which stood at 0.11079.
The cost of leaving the Russian market and the employee count affected were obtained from Reuters. Reuters used the USD to SEK exchange rate of 10.4543.
The share of Russia in the H&M Group's revenue in Q4 2021 and Russia's position in global sales of the group was obtained from BBC.
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Statista. (July 21, 2022). Key figures of the H&M Group in Russia as of July 2022, by indicator [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1321845/key-figures-of-the-hundm-group-russia/
Statista. "Key figures of the H&M Group in Russia as of July 2022, by indicator." Chart. July 21, 2022. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1321845/key-figures-of-the-hundm-group-russia/
Statista. (2022). Key figures of the H&M Group in Russia as of July 2022, by indicator. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1321845/key-figures-of-the-hundm-group-russia/
Statista. "Key Figures of The H&m Group in Russia as of July 2022, by Indicator." Statista, Statista Inc., 21 Jul 2022, https://www.statista.com/statistics/1321845/key-figures-of-the-hundm-group-russia/
Statista, Key figures of the H&M Group in Russia as of July 2022, by indicator Statista, https://www.statista.com/statistics/1321845/key-figures-of-the-hundm-group-russia/ (last visited August 24, 2024)
Key figures of the H&M Group in Russia as of July 2022, by indicator [Graph], Statista, July 21, 2022. [Online]. Available: https://www.statista.com/statistics/1321845/key-figures-of-the-hundm-group-russia/
