Affected by the epidemic, H&M Group decided to continue closing stores.
According to Fashion Headlines, H&M Group has decided to close 170 stores around the world, including all 11 stores in Singapore.
H&M Group stated that a large number of consumers choose to consume online and reduce the frequency of offline shopping, and the group has begun to reorganize its expansion plan. Previously in April, H&M announced that it would close eight stores in Italy, a move that would result in nearly 200 workers losing their jobs.
In March, H&M announced that it would temporarily close all 460 stores in Germany and all 590 stores in the United States. It is reported that Germany and the United States are H&M’s first and second largest markets respectively. The company also said it would close all of its stores in Canada, Portugal and Belgium.
However, H&M is still opening stores in the Chinese market.
In the first half of 2020, four new stores were opened in Shanghai Minhang Longhu Tianjie, Zhengzhou Youyou Shopping Park, Guangzhou Merrill Lynch World and Wuhan Yifang North Branch, and announced in May that they will be closed. Xuan became the brand spokesperson.
According to the H&M Group’s latest announcement, in the first six months of 2020, due to the impact of the global new coronavirus epidemic, the group’s sales fell 23% year-on-year to 83.6 billion Swedish kronor (approximately RMB 63.4 billion yuan), while online channels grew strongly, with a year-on-year increase of 40%.
As of the first half of fiscal year 2020, the H&M Group has 5,058 stores in 74 markets around the world, and has opened online stores in 51 of them. </p
