H&M to open online store in Russia

Swedish clothing brand H&M said it would launch an online store in Russia this fall to boost already rising sales in the country. In a report of its results over the first 9 months of this year, Stockholm-based H&M said year-on-year sales in Russia had risen by 15 percent to 2.6 billion Swedish krona ($312 million). In ruble terms, sales increased 56 percent during the period. The Russian currency has weakened sharply over the past year, making imported goods more costly in rubles.

H&M, which specializes in cheap clothing, is scooping up business as Russians are forced to reign in spending by a recession that has seen real incomes fall sharply.