H&M has attributed its increased investment in its online capabilities for its 4 per cent increase in revenues for the three months to February 28th. It grossed £4.2bn from its 4900 stores around the world during the quarter, including those from its Cos, Cheap Monday, Monki and Weekdays brands. Plans are in place for a launch in India of two major websites, and it will also launch online in Egypt and Mexico. It will, however, be closing 50 stores across Europe.
CEO Karl-Johan Persson said: “The rapid transformation of fashion retail continues and we can see our own transformation work is taking us in the right direction, even if challenges remain.”
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