H&M, which also owns the brands COS, Monki, Weekday, Cheap Monday, Arket and H&M Home, said in December it would be closing stores, but didn’t specify how many or where. Not only have H&M sales hardly ever declined, but the drop was bigger than analysts had expected. In December, the group announced a 4 percent drop in fourth-quarter sales from the previous year, to 50.4 billion kronor (€5 billion). “It’s (been) one of the toughest years for H&M,” Joakim Bornold, an economist at the investment bank Nordnet told AFP, noting that the company’s stock price has fallen by 35 percent since January 2017. H&M is one of the most well-known brands in the world, with global brand consultancy Interbrand ranking it the 23rd best-known company worldwide in 2017 - ahead of Ikea and fashion luxury goods manufacturer Hermes.īut lately, H&M has struggled to lure shoppers into its 4,553 stores around the world, and has been slow to develop its online offering. It has collaborated with superstars such as Beyoncé and Madonna, and prestigious fashion houses including Sonia Rykiel, Lanvin and Kenzo have designed exclusive collections for the group. Owned by the Persson family dynasty, it has been listed on the Stockholm stock exchange since 1974. The fast-fashion group is one of Sweden’s largest export brands and industrial heavyweights, alongside Ikea, Spotify, Electrolux and Volvo. STOCKHOLM: A racism scandal at H&M is the latest indication of management problems at the Swedish clothing giant, once the darling of shoppers but now struggling to make the switch to e-commerce, analysts said.
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