H&M set to completely wind down its business in Russia

H&M intends to temporarily reopen physical stores in August to sell the remaining inventory in Russia, a spokesperson said. (AP Photo/Mark Schiefelbein)

H&M, the world's second-biggest fashion retailer, said it will wind down its business in Russia, a move that will cost almost €200M and affect 6,000 staff as it joins a growing number of companies fully exiting the country.

The company suspended its business in Russia in early March in the wake of Western sanctions against Moscow following its invasion of Ukraine.