In the wake of the Covid-19 pandemic, fashion giants such as Nike and Zara have suffered huge losses. The latest in line is H&M Group.
It’s been announced that the Swedish fast fashion retailer is set to close down 170 stores across the globe after suffering a loss of USD$328 million (~RM1.4 Billion).
H&M’s executives shared that they will place more emphasis on online shopping moving forward – which has seen a boost in sales during the lockdown period. “We can already see that the pandemic has caused changes in customer behaviour that will accelerate the digitalisation of our industry,” H&M Group CEO Helena Helmersson said during a conference call recently.
“We have increased our customer base online and many of our customers — in-store customers — are now multichannel customers,” she added. It was also noted that even more male customers have embraced the method of online shopping.
Having said that, H&M Group did not specify whether it’ll shut down its “eponymous H&M stores or those that house its other brands, including Cos, Weekday and & Other Stories”.