Swedish fashion retailer Hennes & Mauritz AB (HM) has put the brakes on rumours it has laid the foundations for a first Russian outlet.

The company was reported to be building a 3,500 square metre shop in Moscow later this year, at the Okhotny Ryad shopping centre.

However, a spokesperson for the Swedish firm told just-style: "We don't have any plans at the moment. We always look at other markets but don't have any plans for Russia."

H&M's July same-store sales increased 2% as it used the wet weather to beckon customers through its doors.

However, it may have noted criticism from some quarters last week over fashion ads run by Russian department store Tsum depicting designer labels as a must-have.