How h&m’s decision to pull out of Russia will affect the country’s fashion industry

Russia is one of the largest markets for h&m, accounting for about 7% of its total sales. However, the company has been facing challenges in recent years. In 2015, h&m was forced to close all of its stores in Russia after a sharp decline in sales. The company attributed the closure to the Russian government’s decision to ban h&m products from state-run institutions, including schools and hospitals. In 2017, h&m announced plans to exit the Russian market entirely. The company cited challenging operating conditions and a difficult business environment as the reasons for its decision. While h&m has been struggling in Russia, it remains one of the most popular fashion retailers in the country.