The largest H&M store in China and the second largest in the world has been closed in Shanghai. This has been reported www.
On Friday, June 24, it was officially announced that the outlet was closed. The next day, reporters for the publication found that the windows of the flagship store had been closed, the sign had already been removed, and workers were packing unsold merchandise.
While the brand did not respond to a request from the publication regarding the reasons for the store’s closure, WWD suggests this is due to the overall decline in consumer goods sales in Shanghai – down 6.7 percent as of May 2022. % compared to the previous year due to the two-month quarantine in the city.
H&M’s position in China may also have been affected by the scandal over the brand’s refusal to use cotton from Xinjiang, following reports of Uyghur forced labor. Last year, many in China called for a boycott of the brand.
Currently, there are 381 H&M stores in China, 26 of which are in Shanghai, according to information on the brand’s website. At the same time, in the fourth quarter of last year, the company closed 31 stores in the country.
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Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.