The Ministry of Industry and Trade confirmed H&M plans to sell business in Russia

According to the ministry, the buyer of the H&M business could be a company from friendly countries.Previously, the Swedish brand estimated the damage from leaving Russia at $192 million.

The Swedish H&M Group, which announced its withdrawal from Russia in mid-July, is looking for a buyer for its assets in the country. This information, which was previously reported by Kommersant, was confirmed by the Ministry of Industry and Trade.

According to the newspaper, the company expects to sell a distribution center with an area of ​​57.7 thousand square meters. m, stocks of goods for 30 weeks with an estimated value of $ 210 million (more than 12 billion rubles) and lease rights for about 170 stores in 65 cities.

The ministry confirmed the information, specifying that a company from friendly countries could be the new owner of the business. “The state is ready to build a dialogue with foreign companies, and also provides support to investors who make decisions on the acquisition of assets of companies leaving the market,” the agency said in a statement (quoted by Interfax).

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At the same time, experts interviewed by Kommersant believe that the company is unlikely to be able to sell the entire business, given that it has stopped deliveries. Dmitry Gabyshev, managing director of Peregrine Capital, believes that, most likely, H&M will sell goods and realize lease rights in packages, for example, by formats or cities.

The head of the CORE.XP retail department, Marina Malakhatko, also believes that the company is unlikely to find a buyer without maintaining supplies. In theory, H&M could find a buyer for inventory, but only at a significant discount, she said.

Kommersant learned about H&M's search for a buyer for Russian business Business

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H&M suspended sales in stores in Russia in early March. By mid-July, the company announced its decision to leave the Russian market due to the inability to continue doing business "given the current situation." The company estimated the damage from leaving Russia at $192 million.

The head of the retail department of the consulting company CORE.XP, Marina Malakhatko, calculated for RBC that about 340,000 sq. m of retail space. According to Kommersant, their owners filed claims against the company, including due to lost profits, for a total of 563 million rubles.

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At the same time, in August, the stores of the network will temporarily open for the sale of the remaining goods. During the sale, goods will be sold at full price, the company emphasized. Online orders will not work.