Fashion
H&M's sales rose less than expected in the three months leading up to the end of August and remained well below the pre-pandemic levels. Covid restrictions are still keeping many shoppers away from stores.
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A new report by Changing Markets Foundation states that 59% of sustainability claims made by major fashion companies such as H&M, Asos, and even Patagonia are unsubstantiated or misleading. What's more, the brands show no clear commitment to reducing their reliance on fossil fuel-based synthetic fibres.
Although sales are almost back at 2019 levels, H&M plans to downsize its store network by 250 units this year. The fashion chain announced this alongside its half-year results.
H&M has recovered well from the coronavirus pandemic. In the first half of June, sales were even 2 % higher than in the same period in 2019.
China has banned products from several Western companies, including Nike, Gap and H&M because they are allegedly unsafe. The companies in question recently expressed critical viewpoints on the fate of the Uighur population in Xinjiang and reports of forced labour.
Swedish fashion giant H&M has expanded its second-hand platform Sellpy to no fewer than twenty new markets - including Belgium. It is a huge leap forward from the four markets that Sellby sold to until now.
As of today, H&M will give an initial selection of its products a sustainability score. The score will allow customers to assess the environmental impact of a particular item better.
H&M is launching Itsapark in Germany. It is an online platform dedicated to sustainable fashion and home furnishings. The platform provides detailed information to enable customers to choose the sustainable aspects they consider to be important.
The fast-fashion industry is facing a massive challenge if analysts at major bank UBS are to be believed. In the following five to ten years, the consumers' increased focus on sustainability could cause large corporations such as Zara, H&M and Primark to lose up to 30 per cent of their profits.
H&M is launching a remarkable initiative: under the name "One/Second/Suit", the fashion giant will rent out suits for men. According to the Swedes, this is aimed primarily at men who are applying for new jobs.
Several fashion companies, including Inditex and Uniqlo, have been taken to court in Paris for covering up forced labour and crimes against humanity.
After the recent difficulties in China, the Swedish fashion chain H&M is now also in trouble in Spain and Vietnam. In the southern European country, the Swedes want to close 30 stores, while in Vietnam, a boycott is taking place.
H&M sold 21 per cent less in the past quarter and dropped into the red. The fashion group also has to cope with Chinese pressure, following concerns regarding forced labour by the Uighur Muslim minority for multiple clothing brands.
The Chinese government has reacted strongly to the concerns expressed by H&M and Nike regarding cotton from the Chinese province of Xinjiang. The production of this cotton allegedly involved forced labour by the Uyghur minority. The repercussions are severe: H&M has fully disappeared from Chinese e-commerce platforms.
Due to the many store closures, H&M has once again had a tough quarter. Nevertheless, the Swedish clothing giant saw signs of recovery in the first half of March.
As of today, Sellpy, the second-hand platform of fashion giant H&M, is also operating in Austria and the Netherlands. The demand for second-hand clothes has been growing steadily in recent years.
