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H&M plans to close its store on the Champs-Élysées

2021-10-27T18:26:33.811Z

The tough competition from online sales and the health crisis weighed on the group's decision to close its store on the avenue Parisienne.



The Swedish ready-to-wear giant H&M intends to close its store on the Champs-Élysées, eleven years after its disputed installation on the famous Parisian avenue, he announced Wednesday to AFP.

"

We have just started an information-consultation period with our social partners on the project to close our store on the Champs-Élysées,

" said the chain of stores.

The process should last two months, at the end of which H&M ensures that the 105 employees of the store "

will have the possibility of being reassigned to another store

".

Read alsoClosure of the H&M site at Le Bourget: a union representative tries to set himself on fire during negotiations

In April, H&M announced its decision to close 350 of its 5,000 stores around the world this year, and to open 100. Its only warehouse in France, at Le Bourget, is also due to close.

The group "is

currently going through a transformation at the global level during which we continue to adapt to meet increased customer expectations and to ensure that we have the right stores in the right locations,

" he said in support of his decision. decision.

Still difficult context

The installation of the H&M store on the Champs-Élysées had been the subject of a legal battle lasting nearly five years with the City of Paris, which wanted to avoid the proliferation of clothing stores on the avenue. The 2,800 m2 boutique, the construction of which was entrusted to the architect Jean Nouvel, finally opened in October 2010.

The clothing sector has been going through structural difficulties for several years, due in particular to online competition, which intensified during the health crisis.

Despite the end of confinements, the capital's shops continue to suffer, with teleworking and the slowdown in tourism.

However, the H&M group announced in September a strong increase in its sales in the third quarter, beyond pre-pandemic levels.

Over the June-August period of its staggered fiscal year, it generated a net profit of around 459 million euros.

Source: lefigaro

All business articles on 2021-10-27

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