24 Aug 2023 15:17

Sweden's H&M plans to reopen business in Ukraine

MOSCOW. Aug 24 (Interfax) - The Swedish fashion retailer H&M plans to gradually reopen its operations in Ukraine starting November 2023.

"As previously communicated, H&M Group temporarily closed its stores in Ukraine as of 24 February 2022. The company has been in close dialogue with partners and authorities and is now planning to gradually reopen most of its stores in the country from November 2023," Ukrainian media quoted the company's statement on its website on Thursday.

H&M said it is preparing to reopen the majority of its stores where possible and is planning to engage in relief and rebuilding programs, partner with local organizations, and support Ukraine in its rebuilding efforts.

The Swedish company Hennes&Mauritz AB (H&M), the owner of the second largest clothing retail chain in Europe, opened its first store in Ukraine in 2018.

The company launched its business in Ukraine as H&M Ukraine Ltd in 2013. According to the Unified State Register of Legal Entities and Individual Entrepreneurs, its ultimate beneficiary is the Swedish businessman Stefan Persson.

Before the crisis, the H&M chain in Ukraine included five outlets in Kiev and one in Odessa, Kharkov, and Lvov each.