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Russians flock to H&M as fashion retailer opens stores to sell inventory

MOSCOW (Reuters) - A long queue of Russians snaked through a Moscow shopping centre on Tuesday, waiting to get into H&M as the fashion retailer flung open its doors for a final...

MOSCOW (Reuters) - A long queue of Russians snaked through a Moscow shopping centre on Tuesday, waiting to get into H&M as the fashion retailer flung open its doors for a final time to sell inventory before making a full exit from the Russian market.

Scores of consumer brands suspended operations in Russia after Moscow sent tens of thousands of troops into Ukraine on Feb. 24, with H&M, IKEA and Nike (NYSE:NKE) among the companies to have announced plans for a permanent exit.

"Well, it is closing, that's why we are standing here," one customer, Irina, told Reuters. "I'm going to buy whatever there is."

"Sadly, the reason why all this is happening is awful," another customer, Ekaterina said. "Everything else is meaningless, like how we are going to manage (without H&M)."

Furniture giant IKEA has reopened for an online-only sale, but H&M opted to allow customers back in person. Exiting Russia, H&M's sixth-biggest market, is expected to cost the company almost $200 million and affect 6,000 staff.

H&M did not immediately respond to a request for comment on Tuesday.

A company spokesperson in July said H&M would temporarily reopen physical stores in August to sell the remaining inventory in Russia. H&M, the world's second-biggest fashion retailer, rents its 170 physical stores in the country and operates them directly.

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13-08-2022 16:36:34 (UTC+7)

EUR/USD

1.0261

-0.0056 (-0.54%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

EUR/USD

1.0261

-0.0056 (-0.54%)

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↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

GBP/USD

1.2135

-0.0076 (-0.63%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (5)

USD/JPY

133.46

+0.46 (+0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7121

+0.0016 (+0.23%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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USD/CAD

1.2774

+0.0013 (+0.10%)

Summary

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EUR/JPY

136.93

-0.29 (-0.21%)

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0.9659

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Gold Futures

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+11.20 (+0.62%)

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Silver Futures

20.835

+0.486 (+2.39%)

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3.6783

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91.88

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98.01

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3,776.81

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4,280.15

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+101.34 (+0.74%)

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Neutral

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FTSE 100

7,500.89

+34.98 (+0.47%)

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+93.19 (+0.46%)

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US Small Cap 2000

2,013.09

+37.84 (+1.92%)

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IBEX 35

8,400.40

+20.40 (+0.24%)

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↑ Sell

Moving Avg:

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BASF SE NA O.N.

44.155

+0.730 (+1.68%)

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54.15

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Allianz SE VNA O.N.

181.08

+2.08 (+1.16%)

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Adidas AG

173.20

+1.18 (+0.69%)

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Deutsche Lufthansa AG

6.588

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Siemens AG Class N

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9.061

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 EUR/USD1.0261↑ Buy
 GBP/USD1.2135↑ Sell
 USD/JPY133.46↑ Sell
 AUD/USD0.7121↑ Sell
 USD/CAD1.2774↑ Buy
 EUR/JPY136.93Sell
 EUR/CHF0.9659↑ Sell
 Gold1,818.40↑ Buy
 Silver20.835↑ Buy
 Copper3.6783↑ Buy
 Crude Oil WTI91.88↑ Buy
 Brent Oil98.01Buy
 Natural Gas8.780↑ Buy
 US Coffee C227.53↑ Buy
 Euro Stoxx 503,776.81Sell
 S&P 5004,280.15↑ Buy
 DAX13,795.85Neutral
 FTSE 1007,500.89Neutral
 Hang Seng20,175.62↑ Buy
 Small Cap 20002,013.09↑ Buy
 IBEX 358,400.40↑ Sell
 BASF44.155↑ Buy
 Bayer54.15↑ Buy
 Allianz181.08↑ Sell
 Adidas173.20↑ Buy
 Lufthansa6.588↑ Sell
 Siemens AG111.84↑ Sell
 Deutsche Bank AG9.061↑ Buy
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SJC Eximbank6,620/ 6,720
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SJC Nhatrang6,660/ 6,762
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Cập nhật lúc 16:34:16 13/08/2022
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