MOSCOW (AP) — Russians are snapping up Western fashion and furniture this week as H&M and IKEA sell off the last of their inventory in Russia, moving forward with their exit from the country after it sent troops into Ukraine.
Sweden-based H&M and Netherlands-based IKEA had paused sales in Russia after the military operation began and are now looking to unload their stocks of clothing and furnishings as they wind down operations there, saying the future is unpredictable. IKEA’s sales are online only, while the H&M store at the Moscow shopping mall Aviapark saw a steady stream of young shoppers Tuesday.
Both companies are laying off staffers as they scale down business in Russia. H&M said Tuesday that 6,000 workers will be affected and that it was working on details of offering continued support in the coming months.