H&M: Moving Away from Fast Fashion
<p>Hennes & Mauritz (H&M) is a Swedish multinational brand known for its fashionable offerings at affordable prices. H&M has gained notoriety as a leader in the fast fashion space, with more than 5,000 stores spanning across 74 global markets and employing over 120,000 people. Over time, H&M has expanded its product lines from only womenswear to include menswear, childrenswear, footwear, accessories, cosmetics, and even home furnishings. In 2020, H&M realized net sales of $23.2 billion, which marked an 18 percent decrease from the prior year due to pandemic-related store-closures that shut 80 percent of the group’s retail locations. Subsequently, the fast-fashion retailer achieved a bottom line of $130 million in 2020, a significant drop from their $1.42 billion net profit in the pre-pandemic, 2019 fiscal year.</p>
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