Weak sales brought H&M to bad raport
In early 2018, in an attempt to stimulate purchasing demand in the company's target market segment, H&M launched its first discount-oriented fashion trading platform where the retailer offers products from a season-less collection selected from its own designs and global brands at a "peachy" price, which in turn allows customers to cross-search and compare prices of the same products offered by different physical and online stores.
The company's shares have resented from the profit dive, touching 13-year lows.
H&M finally had to declare that inventory has risen 7% in the a year ago.
CEO Karl-Johan Persson said the start of the year was "tough" and that 2018 would be a transitional year as it was preparing to "take advantage of the opportunities generated by rapid digitalization".
Chief Executive Officer Karl-Johan Persson said Tuesday the company made mistakes by narrowing its assortment previous year, though he expects sales to improve in the second half.
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The retailer unveiled earlier this week its intention to reduce inventory to 12 percent to 14 percent of sales in 2019. In the first quarter the H&M group's sales were unchanged in local currencies. The company is now working double-time to fix that mistake.
Part of these recovery efforts is Afound, a new brand dedicated to sell clothes from various brands including H&M at discounted prices.
Over the last 20 years H&M have come a long way; from one women's retailer near Stockholm to a multinational company of 4, 700 stores. Shoppers will find reduced prices on clothes from other brands, and more markdowns on H&M clothes too. Accepting an award in 2015, designer Eileen Fisher remarked that "the clothing industry is the second largest polluter in the world ... second only to oil".
In fact, H&M produces so many clothes that there is a power plant in Vasteras, the town in which the first H&M store was opened, which depends on burning H&M defective products which can not be sold to generate energy.
Looking ahead, H&M doesn't plan launching any more new brands this year, though could consider doing so in 2019.
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