Despite satisfactory Q1 results, H&M plans to close 240 stores globally in the year ahead. However, the brand also plans to open 95 new stores, so the net loss of shops overall will be 145.
Besides existing markets, the group will also foray into new established markets. It recently had to shutter 185 of its stores temporarily due to the Russia-Ukraine conflict.
As per Fashion Network, Russia had been H&M’s sixth-largest market and represented 4 per cent of its sales. The closures already crimped sales in Q1 and Q2 doesn’t look like being any better.
Hennes & Mauritz AB (H&M) is a Swedish multinational clothing company headquartered in Stockholm. Its focus is fast-fashion clothing for men, women, teenagers, and children. As of November 2019, H&M operates in 74 countries with over 5,000 stores under the various company brands, with 126,000 full-time equivalent positions.
