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.
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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.
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H&M Group has also been hit hard by the second lockdown wave: in 2020 profits plummeted 88 per cent, while sales were down 18 per cent. Crisis management in times of the coronavirus is costing the fashion giant dearly.
H&Mbeyond, the Swedish fashion giant's innovation lab, and NeXR Technologies are working together to develop a virtual fitting room that will allow customers to try on perfectly fitted outfits quickly and easily.
Fashion brand Object, part of Bestseller, collaborates with Swedish innovator Renewcell to produce clothing made (partially) from recycled textiles.
Between Christmas and New Year we traditionally look back: which articles on RetailDetail.eu were read the most last year? This overview gives a nice picture of the events in the insane retail year 2020. And no, not every article was about corona...
At constant exchange rates, H&M saw sales decline by ten per cent in the fourth quarter. Especially in the last weeks of the quarter, during the peak of the second wave of the coronavirus, revenue fell sharply.
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.
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.
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.