Russia exit cost foreign retail brands billions – Kommersant ...News

The owners of IKEA, H&M, and Zara were worst hit, according to estimates Foreign companies in non-food retail that withdrew from Russia or halted operations in the country during the past year have missed out on roughly $2 billion in profits, business daily Kommersant reported on Thursday, citing consultants who assisted with the exit of several businesses. According to the news outlet, losses for companies that sold their Russian assets and quit the country entirely amounted to $1.3-1.5 billion. Among the biggest losers were Swedish furniture giant IKEA, which lost roughly $400 million, and clothing brand H&M, wh

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