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H&M profit drops 34 percent

  • News
  • February 1, 2018
  • Courtney Devereux
H&M profit drops 34 percent

Overseas H&M reports a 34 percent drop in fourth-quarter profit. The chain has plans to close stores as stock slides to a nine-year low. 

Bloomberg reported today that Swedish fashion chain H&M is to close 107 stores as well as adding a cheaper line called Afound into its business model. The first Afound store will be in Stockholm, and the site will go online in Sweden this year. With Afound, H&M is building a format where it can funnel off excess inventory.

The world’s second-largest clothing retailer said it would invest more in online sales and digital inventory-tracking technology, while adding shops in markets that are still growing.

H&M's shares fell as much as 9.1 percent to a nine-year low Wednesday in Stockholm. They have lost more than a quarter of their value in the past three months.

H&M’s operating profit fell 14 percent to 20.6 billion kronor in the 12 months through November, the biggest drop in six years.

The company has struggled to cut inventory, which ended the year higher than planned, and H&M said it will increase markdowns by as much as 2 percent in the first quarter to clear that out.

Despite the drop, the company still plans to open 390 new stores, with a quarter of those being side-chains other than the flagship H&M, such as COS, Monki and Afound. 

H&M has been in hot water already in 2018, with the company losing celebrity collaborator The Weeknd over a racially insensitive hoodie that drew backlash and calls for boycotts of the chain.

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Bonnie Brown’s Blooming ‘Brella: Winner of the Blunt + Idealog + Generator umbrella experiment

  • News
  • May 25, 2018
  • Elly Strang
Bonnie Brown’s Blooming ‘Brella: Winner of the Blunt + Idealog + Generator umbrella experiment

The grand winner of the Blunt + Idealog + Generator umbrella experiment has been announced – congratulations to Bonnie Brown of Studio Bon, who will see her design turned into a limited edition Blunt umbrella. Watch this space for details on how to buy one in the near future, or get your pre-order in now. In the meantime, we chat with Brown and have a closer look at her winning design.

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Save money or save values?

  • Opinion
  • May 25, 2018
  • Courtney Devereux
Save money or save values?

As the next generation become top spenders, it is up to them to communicate their values to the market. Below you’ll find examples of local, ethical, mindful and sustainable retailers to support, well also upgrading your wardrobe.

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#Trending: Shop to showroom

  • News
  • May 25, 2018
  • Sarah Pollok
#Trending: Shop to showroom

Stores are starting to display only sample products are on the rise. Sarah Pollok looks into the new showroom experience hitting our retailers.

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Debunking diversity myths surrounding hiring practises

  • Opinion
  • May 24, 2018
  • Rose Lu
Debunking diversity myths surrounding hiring practises

Flick Electric software engineer Rose Lu has often been the sole woman or sole non-white person in the room in her career, and recently assisted with Flick's hiring process for new engineers. Here, she shares some key learnings on how to hire for diversity – and how to get around the obstacles that often pop up.

Read more
 
 
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