H&M is going hard: the fashion giant is cutting a number of branches - including in Germany
Created: 03/07/2022, 16:05
By: Michelle Brey
A number of H&M branches will close in Germany.
© Christoph Hardt/imago
The fashion giant H&M will close a number of branches in 2022.
The focus is on business in markets that have already been developed, including Germany.
Munich – There's a lot going on at H&M: The Swedish fashion group probably wants to open Germany's largest flagship store in Munich.
Other branches in Munich, on the other hand, are apparently to be closed.
Several Munich branches were already closed in 2020, more than 100 employees of the fashion chain were affected at the time.
According to a
Business
Insider
report , the company's austerity measures continue.
For several years, H&M has had to cope with large losses in sales - not least the coronavirus pandemic probably contributed to this.
The shift towards online purchases also plays a major role.
H&M wants to close numerous stores worldwide in 2022
According to
Business Insider
, H&M plans to close a total of 240 stores worldwide in 2022.
At the same time, 120 new branches are to open in the current calendar year.
In total, there is a reduction of 120 branches.
When asked by the news site, the Swedish fashion chain confirmed this information.
The dismantling of the branches should therefore take place in markets that have already been developed.
Germany is also affected by this - as can probably be seen from the example of Munich mentioned above.
The H&M openings, on the other hand, are to take place in growth markets.
“It is part of our daily work process to check whether we are offering our customers the best offer at the right place.
Our stores are and will remain the heart of H&M.
Even though they are important, central meeting places, they are evolving, just as the shopping behavior of our customers is constantly being redefined," an H&M spokeswoman told
Business Insider
.
H&M: How many branches of the fashion chain are closing in Germany?
Closing a store is "always the last resort" for the company.
Until such a decision is made, all options for obtaining a location will be examined, added the spokeswoman for H&M.
It remains unclear how many branches in Germany are affected by the Swedish company's plans.
The spokeswoman for the fashion chain did not comment on this.
In response to the Ukraine war: H&M closes sales operations in Russia
It was only on Wednesday (March 2) that the fashion company suspended its sales operations in Russia until further notice due to the Russian war of aggression against Ukraine.
H&M is "deeply concerned by the tragic developments in Ukraine" and stands by "all suffering people," the fashion giant said.
Numerous Western companies had also already drawn consequences from the Russian invasion of Ukraine.
(mbr with dpa)