Brands after brands are downsizing or even closing down for good after Covid-19 has impacted their sales.
After hearing news of Esprit and Zara shutting down, one of our favourite brands H&M has also announced that they will be closing 170 of their stores worldwide.
H&M recorded a loss of RM1.4 billion
This decision comes after the brand reports a whopping 50% loss (approximately RM1.4 billion) in the second quarter and highlights that they will be focusing their efforts on their online stores. Without a doubt, the loss is due to the Covid-19 pandemic affecting their physical sales tremendously.
H&M Group CEO Helena Helmersson said, “It is clear that the rapid changes in customer behaviour caused by the pandemic will further speed up the digitalisation of fashion retail.
“To meet this, we are continuing to adapt the organisation and improve our ways of working, which will make us more flexible, fast and efficient. We are accelerating our digital development, optimising the store portfolio and further integrating the channels.”
So, what about the stores here in Malaysia?
H&M’s spokesperson did not provide a list on which of these 170 stores will be closing nor the breakdown of brands that will be affected due to the closure. However, WORLD OF BUZZ reached out to H&M to ascertain whether the stores in Malaysia will be affected.
In their reply to us, H&M mentioned that the Malaysia online store is back in operation and taking orders. They also assured us that so far, there is no news yet that Malaysia’s H&M stores will be closed. Shoppers can continue to support their favourite brand both online and in stores!
Well, I guess that a sigh a relief for all of us!
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