Swedish company H&M, which owns a network of clothing stores in the mass market segment, announced its final withdrawal from the Russian market. It is reported by Reuters. Previously, the retailer suspended its activities in Russia due to a military special operation in Ukraine.

CEO Helena Helmersson said.

H&M plans to open stores in the Russian Federation to make the final sale of in-stock items before leaving. It is not yet known when exactly this will happen. The company has about 155 stores in Russia. H&M also includes Monki, & Other Stories, Arket and Weekday.

The entire business liquidation in Russia is expected to cost approximately SEK 2 billion ($191.3 million). The brand has been on the Russian market since 2009. Russia was the sixth largest sales market for the company.

Previously, another Swedish giant, IKEA, left Russia.

Today it also became known that the Japanese brand Comme des Garçons is leaving the Russian market. Information about it, the brand’s St. Appeared on the account of the St. Petersburg boutique. As of July 18, they will start selling the remaining products with a 30% discount.