H&m

Low-cost fashion chain H&M to cut 1,500 jobs globally to improve efficiency

Low-cost fashion brand H&M said Wednesday that it will be reducing its global workforce by around 1,500 positions as part of a plan to reduce costs and further improve efficiency. The Sweden-based company said a restructuring charge of 800 million kronor ($76 million) will be booked in the last three months of the year. The staff reduction is estimated to provide annual savings of about 2 billion kronor ($190 million). CEO Helena Helmersson said H&M was very mindful of the fact that colleagues will be affected by this. We will support our colleagues in finding the best possible solution for their next step. H&M was founded in Sweden in 1947. Besides the clothing retailer, the group includes brands like COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M Home, ARKET and Afound. It counts about 4,664 stores in 77 markets and has 57 online markets.

H&M to exit Russia at the cost of $190 million after purging inventory

H&M AB decided to start winding down its operations in Russia, having halted all sales in the country in March after Russia's attack on Ukraine

H&M flags more price hikes, beats profit expecations by fewer discounts

Pretax profit at world's second-biggest fashion retailer jumped 33% from a year earlier to 4.78 bn crowns ($471 mn) in the Swedish group's second quarter, on sales growth of 12% in local currencies

H&M sales soar but shares slip on concern about Ukraine war impact

H&M earlier this month temporarily closed its stores in Russia, which last quarter accounted for 4% of group sales

Zara owner Inditex, rival H&M bounce back from pandemic blues

H&M said sales in local currencies matched pre-pandemic levels from September through November

Social commerce firm Trell raises $45 mn in series led by Mirae Asset, H&M

It is first Indian investment by H&M Group, company that owns fashion retail brand H&M, COS, and Monki

H&M swings back to profit as Covid restrictions ease, stores reopen

STOCKHOLM (Reuters) -Fashion retailer H&M on Thursday reported a bigger than expected second quarter profit as many of the company's stores reopened but earnings remained well below pre-pandemic levels and the group's shares fell sharply.

H&M says sales up 75% as more people get vaccinated against Covid

Low-cost fashion brand Hennes & Mauritz AB said Tuesday sales had increased 75% in Q2 and early June, affecting both online purchases and physical stores, adding that 1,300 stores were temporarily closed at the start of the period due to the pandemic. Those who remained open faced coronavirus restrictions, including on opening hours, number of customers and store space, the group said. In Hennes & Mauritz's large markets, such as France and Germany, stores were closed throughout most of the quarter. As more people are vaccinated, a number of markets have gradually allowed stores to reopen and the H&M group's strong recovery continues, said the Stockholm-based company, the world's second biggest fashion retailer that is known for the brand H&M. This shows that customers appreciate the collections and being able to shop via their preferred channel. At the end of the period that ended May 31, most of the H&M group's markets still had restrictions resulting in reduced .

H&M caught in a 'geopolitical crossfire' between China and Vietnam

Changes by the Swedish retailer to its map on China's order have angered Vietnam consumers who believe they infringed on their country's maritime sovereignty

China warns western brands not to engage in politics over Xinjiang

H&M, Burberry, Nike, Adidas and other Western brands have been hit by consumer boycotts in China since last week over comments about their sourcing of cotton in Xinjiang

China says H&M should look into Xinjiang issue seriously amid boycott

BEIJING (Reuters) - Swedish fashion retailer H&M should look into the Xinjiang issue seriously, a Chinese official said on Monday, as the company faces a consumer boycott over comments made last year about labour conditions in the western Chinese region.

Fashion giant H&M pauses placing new orders in Myanmar amid protests

H&M has around 45 direct suppliers in Myanmar

H&M appoints Yanira Ramirez as country sales manager for India

Swedish apparel retailer H&M on Tuesday announced the appointment of Yanira Ramirez as the new country sales manager for India. Previously global Sales Manager for & Other Stories, Ramirez joins the India team at a time when H&M India has 50 stores across 25 cities, a newly launched digital loyalty programme and a strong online presence on hm.com and Myntra, the company said in a statement. She will be based out of H&M India's head office in New Delhi, it added. A qualified lawyer, Ramirez had joined the H&M Group 18 years ago. Originally from Mexico, she started her journey with H&M in the UK as a sales adviser in the store and then moved on to become an Area Manager, post which she became Country HR for H&M UK & IE and then joined the Global Sales and Operations HR team in Sweden, the company said.

China's turbo-charged online fashion site Shein takes on Zara and H&M

The fast-fashion player is encroaching on the territory of more established rivals like Zara and H&M

H&M's new CEO Helmersson gets tough with plan to eliminate 5% of stores

Job cuts are looming throughout the retail industry as chains find it's easier to sell online than in person.

German privacy watchdog fines H&M $41 million for spying on workers

A German privacy watchdog said Thursday that it is fining clothing retailer H&M 35.3 million euros ($41 million) after the company was found to have spied on some of its employees in Germany. Hamburg's data protection commissioner said in a statement that the Swedish company collected private information about employees at a customer service center in Nuremberg, ranging from rather harmless details to family issues and religious beliefs. The information was recorded on a network drive accessible to up to 50 managers and used, among other things, to obtain a detailed profile of employees for measures and decisions regarding their employment. The data protection commissioner, Johannes Caspar, said that the combination of collecting details about their private lives and the recording of their activities led to a particularly intensive encroachment on employees' civil rights. The privacy violation was discovered after the data briefly became visible to all people on the company ...

Sweden's H&M swings to deep loss as sales go down 50% due to Covid-19

Pretax loss was 6.5 billion crowns ($695 million) against a year-earlier profit of 5.9 billion. Analysts had on average forecast a 6.4 billion crown loss, according to Refinitiv data

H&M's fourth-quarter sales growth takes hit from later Black Friday

STOCKHOLM (Reuters) - H&M reported a slightly smaller-than-expected rise in fourth-quarter sales reflecting a later Black Friday this year, the world's second-biggest fashion retailer said on Monday.

Does the trend for sustainable fashion make for sustainable businesses?

Earlier this year, fast fashion giant Zara announced that all its clothes would come from sustainable fabrics by 2025. H&M hopes to transition to 100% sustainable cotton by as early as next year

H&M halts purchase of leather from Brazil due to Amazon wildfires

STOCKHOLM (Reuters) - H&M, the world's second-biggest fashion retailer, said on Thursday it had stopped purchasing leather from Brazil for the time being due to environmental concerns highlighted by Amazon wildfires.