Business
H&M closes three stores in Australia as pandemic takes toll – The Australian Financial Review
Fast fashion retailer H&M will close three stores in Australia this year but has denied reports it plans to shut about 15 per cent of its network after a drop in…
H&M closed a net 58 stores around the world in 2020 and plans to close 350 this year, mainly in established markets, while opening 100, mostly in developing markets.
H&Ms global net sales fell by 18 per cent in the 12 months ending November 2020, dragging profits down 88 per cent, as stores around the globe were forced to close and locked down consumers spent less on fashion and footwear.
In the June quarter, about 80 per cent of the groups 5000 stores were temporarily closed, forcing it to ramp…
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