H&M Group’s Q1 net sales dropped by 21 per cent in local currencies to SEK40 billion. . As per Fashion Network, the brand’s sales were significantly affected by the COVID-19 situation, with extensive restrictions and (at most) over 1,800 stores temporarily closed”.
Yet the situation seemed to be improving as early as February, with stores reopening in a number of markets. As of March 13, only 900 of the companies stores remained shut. This boosted sales during March by as much as 10 per cent in local currencies. The company’s was helped by the launch of the Simone Rocha collaboration this month, which has been a sell-out so far.
Hennes & Mauritz (H&M) AB is a Swedish multinational clothing-retail company known for its fast-fashion clothing for men, women, teenagers and children. The company operates in 74 countries with over 5,000 stores under the various company brands, with 126,000 full-time equivalent positions. It is the second-largest global clothing retailer, behind Spain-based Inditex. Founded by Erling Persson and run by his son Stefan Persson and Helena Helmersson, the company makes its online shopping available in 33 countries.
