![]() "Today, we all can agree that fast fashion is not a sustainable business model. The industry is one of the biggest emitters of greenhouse gases and producers of global wastewater. The move comes as the fashion industry, especially fast-fashion companies such as H&M and Zara, faces growing criticism over its carbon footprint and energy use. In one corner of the store replete with plants and trees, H&M is offering some of its customers the possibility to rent rather than buy from its popular party and wedding collection - the latest bid by the budget fashion chain, which has already been collecting used clothes at its stores, to boost its environmental credentials. But it's not exactly business as usual here. “The start of the year,” he said, “has been tough.H&M's flagship store at the Sergels Torg square in Stockholm is back in business after a monthslong refurbishment. Persson, a grandson of H&M’s founder, acknowledged that the rapid transformation of the industry was weighing on his company. ![]() It said it hoped its online business would expand 25 percent this year. ![]() H&M has insisted it has a plan, saying it would slash prices to reduce the stockpile and slow its expansion in stores. Analysts at the Swiss bank UBS said in a note to investors this month that they had come away from an H&M presentation in November “with no clear view on why focus on the core customer had been lost, and what was being done to fix it.” Rahul Sharma, founder of Neev Capital, called H&M “a slow-motion wreck” after the release of the first-quarter results. ![]() But H&M, which also owns brands like Cos, & Other Stories and Arket, has fallen behind the pack.Īnalysts have been downbeat on the Swedish company’s outlook. In the digital era, the challenges around offering trendy apparel before it goes out of style have mounted, particularly as growing numbers of shoppers choose to buy from their smartphones and become more quality conscious.ĪSOS is an online-only retailer, and Inditex has managed to ramp up its digital sales. They profited off their ability to generate, at a vast scale, rapid translations of runway fashions into low-priced clothing and accessories.īut while luxury brands have enjoyed a rebound in fortunes in recent months, fueled by millennial appetite and a recovery in demand from the lucrative Chinese market, mass-market companies have had to deal with enormous changes. Since the early 2000s, business has largely boomed for fast fashion retailers such as ASOS, H&M and Inditex, which owns Zara. ![]()
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