H&M to sell Russian business to local or foreign company – ministry

FILE PHOTO: The H&M clothing store n Times Square in Manhattan, New York

MOSCOW – H&M, the world’s second-biggest fashion retailer, has decided to sell its assets in Russia, the Russian Ministry of Industry and Trade said on Thursday.

The potential buyer could be a Russian company or an entity from a “friendly” country – one of those that have not imposed sanctions against Russia, the ministry added.

H&M said earlier this month it had decided to initiate a process of winding down its business in Russia.

(Reporting by Reuters)