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.
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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.
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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.
Beter Bed seems to be doing better again now that the company is rid of its German subsidiary Matratzen Concord. In the fourth quarter, organic sales from continuing operations increased by 4.7%.
Swedish retailer H&M wants to be more transparent about the origin of the clothing it sells, and will offer additional information about this on the website and the app.
Swedish fashion retailer H&M managed to increase its revenue by 9 % in the fourth quarter of its financial year. The strong investments that have been made in recent years, in order to adapt to the changing market, seem to be bearing fruit.
Swedish fast-fashion retailer H&M has opened a new flagshipstore in Stockholm, where it trials sustainable initiatives. The most remarkable one is a fashion rental service, but the store also features a repair service and a beauty salon.
Ikea has had to admit a 10 % profit drop this year, due to higher prices of raw materials and investments in new concepts. Nevertheless, the Swedish retail chain wants to continue to maintain a high level of innovation in the future.
Belgian fashion group FNG has completed the acquisition of Scandinavian e-commerce player Ellos. For the Belgian company, the acquisition predominantly means access to a new market: home decoration.
H&M has published its full results for the third quarter: for the first time in two years, the Swedish fashion group has seen a rise in its profits.
Last financial year, Ikea has managed to increase its retail turnover considerably. The group's online business is growing fast, while the number of visitors to its stores remains at the same level. The retailer is opening even more small shops and planning studios in large cities.
FNG, known from Brantano and Miss Etam, is taking over the Swedish Ellos Group, a leading e-commerce player in fashion and interior decoration. A sum of 229 million euros is involved.
Afound, the newest outlet and multi-brand formula created by the H&M group, is making its entry in the Netherlands. It will be the first market for Afound besides domestic Sweden.
For the eighth quarter in a row, Swedish fashion chain H&M is reporting a decreasing profit, despite having achieved turnover growth. Management is now forced to take measures: there will be far fewer new stores than originally planned.
Swedish fashion giant H&M has seen growth for the fifth consecutive quarter, as turnover rose by 11 %. Still, there is much work left to be done, as the chain readily admits.
Ikea has launced an app with which customers can place products in their own house using augmented reality, then buy the items online. This means customers do not need to go to suburban physical stores as often, reducing the stress on environment and mobility.