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H&M set to dress Sweden’s Olympians

Swedish clothing giant H&M announced on Wednesday that it would be dressing Sweden's athletes for the upcoming Olympic Games in Rio de Janeiro and Sochi.

H&M set to dress Sweden's Olympians

“It is such an honour for H&M to dress both the Swedish Olympians and Paralympians for the upcoming Games in Sochi and Rio,” Ann-Sofie Johansson, H&M’s head of design, said in a statement.

“The designs will bring together sport and fashion in a totally new way and have Swedish heritage as a proud influence on the collection.”

The company will also be responsible for dressing the winter Olympic and Paralympic athletes in 2014 in Sochi, Russia.

The collaboration was hailed by Anja Pärson, former alpine skier and multiple Olympic medallist for Sweden.

“To represent our country wearing clothes from a Swedish company will strengthen the team, our team spirit, and image to the outside world, especially when it is an internationally renowned brand like H&M,” she said.

The new designs will feature in the company’s new Sport label to be launched for the public in January next year.

Sweden’s Olympic attire for the London Games in 2012, which was Swedish designed but made in China, was slammed by fashion experts at the time.

“The design feels quite dated in a way,” Daniel Lindström, fashion editor of the Café newspaper, told Sveriges Radio at the time.

“If there’s one thing I want to see in sport clothing, it’s a futuristic look.”

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BUSINESS

Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.

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