H&M is set to close doors on multiple stores after it suffers a loss of RM1.4bn in the wake of the Covid-19 pandemic.
Executives at the Swedish company shared that they will place more emphasis on online shopping moving forward as this is an area that has seen a boost in sales during the lockdown period.
“We can already see that the pandemic has caused changes in customer behaviour that will accelerate the digitalisation of our industry,” H&M Group CEO Helena Helmersson said during a conference call recently. “We have increased our customer base online and many of our customers — in-store customers — are now multichannel customers,” she added. It was also noted that even more male customers have embraced the method of online shopping.
The announcement did not specify if it will shut down its “eponymous H&M stores or those that house its other brands, including Cos, Weekday and & Other Stories”.