Fashion
In an H&M branch in Stockholm, customers can have their old clothing transformed into a new item. The recycling machine 'Looop' takes care of the whole process in just a few hours. The project fits in with the retailer's broader sustainability objectives.
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H&M plans to close hundreds of stores. The fast-fashion group wants to have 250 fewer stores by the end of next year, even though the retailer believes that the worst of the corona crisis is behind us.
H&M continued to lose revenue this summer: in the quarter to the end of August, the fast-fashion group sold 16% less than last year. On the positive side, the fashion giant returns to profitability.
Cos, part of the H&M Group, is launching its own second-hand platform called Resell, where customers can sell and buy clothes by COS. The platform is both a way towards 100 % sustainability, and a business opportunity.
French clothing retailer Tati is forced to close its last remaining store due to the coronavirus fallout, fierce competition and changing consumer habits. That spells the end for the iconic pink and white chequers.
Property
Although Amancio Ortega mainly made his fortune through his textile empire Inditex, the 84-year-old Spaniard has also invested heavily in real estate in recent years. That real estate portfolio would now be worth 15.2 billion euros.
Swedish fashion group H&M plans to close 170 stores this year, following the coronavirus crisis and the losses incurred as a result. The focus will be more on e-commerce.
Swedish fashion chain H&M recorded a net quarterly loss for the first time in decades: sales halved as a result of the lockdowns and price cuts put pressure on margins.
Swedish retailer H&M has seen sales fall by as much as 57 % in local currency since the beginning of March, as online sales growth was impressive - but insufficient to compensate for closed stores. Inventories, meanwhile, continue to build up.
Ready-to-wear giants Primark and H&M promise continue to pay textile workers in Bangladesh, even though they are cancelling their orders because of the coronavirus crisis. They do so to support the badly affected country.
In the first quarter of its financial year (up to 29 February), H&M doubled its profits and increased sales by 8 %. Good news then, until the coronavirus hit the world: in March, turnover was halved.
Danish retailer Bestseller is laying off 750 people, Swedish giant H&M fears it will have to cut tens of thousands of jobs due to the coronavirus crisis.
General
Now that stores in Belgium and elsewhere are obliged by law to remain closed, retailers are looking at how they can compensate for the loss of sales. As part of this, they are looking at rental contracts, payment terms and other agreements with suppliers.
Despite the coronavirus crisis, H&M recorded an increase in sales in the first quarter of the current fiscal year. In the second quarter, however, the fashion retailer expects to be heavily impacted by the spread of the virus throughout Europe.
Helena Helmersson has been appointed as new CEO of H&M, the Swedish fashion chain announced at the same time as its (good-looking) annual results. Her predecessor, Karl-Johan Persson, will be chairing the board of directors from now on.
Swedish fashion chain H&M has become the focus of an investigation by the privacy watchdog in the German state of Hamburg, citing evidence that the chain was spying on its customer service representatives. If convicted, the maximum fine can be as high as 4 % of H&M's global turnover.
