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Tag: h&m

  • H&M sales tumbled in May quarter

    H&M sales tumbled in May quarter

    H&M says its sales decline in May was slightly below expectations, and less dramatic than during March and April as stores began to reopen across Asia and Europe.

    The Swedish-headquartered fast-fashion retailer said net sales in the three months to May 31 were down by 50 percent year on year to US$3.1 billion.

    More encouragingly, sales in the first 13 days of June were down 30 percent, suggesting a gradual return of customers to stores.

    H&M has 5058 stores worldwide and almost one in five of those remain shuttered due to the Covid-19 pandemic, the company said in a statement.

    The decline in sales was less than at rival Inditex, the parent of Zara, which last week reported a 34-per-cent decline in the week of June 2 to 8.

    But an H&M spokesperson said the pace of the sales recovery “varies largely between markets” around the world.

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  • H&M talks online growth, sustainability and recovering after Covid-19

    H&M talks online growth, sustainability and recovering after Covid-19

    Fashion giant H&M is expanding its online presence around the world, as it continues to recover from the coronavirus pandemic and work toward its goal of becoming climate positive by 2040.

    The company said it will expand the digital presence of its brands Cos, Weekday, Monki, & Other Stories and Arket in Europe from May onwards.

    The company said it will also push through with its plans to launch an e-commerce site for its H&M brand in Australia later this year, and open a digital flagship store of its lifestyle brand Arket on Alibaba’s e-commerce platform Tmall in August.

    The world’s second-largest clothing firm said the current situation highlights customer desire for digital solutions and the importance of integrated channels.

    “We are glad that we are able to provide this in most of our markets and in even more markets from May onwards, as Cos, Weekday, Monki, & Other Stories and Arket are set to expand, making their collections available online to nine additional markets across Europe,” the company said.

    H&M said with the world experiencing this health crisis, digital solutions are needed as cars and homes are becoming safe havens for shoppers and mobile devices and computers will be their main point of locating products before going to stores.

    The fast-fashion giant announced in March that the second half of its first-quarter sales were negatively impacted by the outbreak of the COVID-19 pandemic, particularly China.

    Total sales in March dipped 46 percent compared to the previous corresponding period but online sales saw a 17 percent increase.

    H&M’s total sales during the period between March 1 to May 6 this year decreased by 57 percent in local currencies compared with the same period in 2019.

    Online sales, which are open in 46 of the company’s 51 online markets, increased by 32 percent in the same period.

    Helena Helmersson, H&M’s new chief executive, said they think the pandemic will lead to a fast shift towards digital and that they need to be ready for it.

    At the group’s recent annual general meeting, a new board member was elected, Danica Kragic Jensfelt, who is a professor at the Royal Institute of Technology in Stockholm and does research in robotics and artificial intelligence.

    When asked if the new board appointment means AI and robotics are what H&M will be concentrating on in the near future, H&M said they have always made big investments in its tech foundation and AI.

    “We continuously see clear signals that we are on the right track and we will continue to invest in this area in the future, to secure an organization that drives innovation and optimizes business decisions,” the Swedish fashion retailer’s media team said.

    According to H&M, their AI work spans across the entire value chain – from design to customer experience.

    “By analyzing a large amount of data from our operations within the group, we can align supply and demand much better, with the goal of only producing what we are selling.”

    H&M said the pandemic has affected their day-to-day operations as well as their outlook for the future.

    “Due to the exceptional situation caused by the spread of COVID-19, we are reviewing all parts of our business,” the company said.

    “The world continues to adapt to a situation like no other, and H&M Group, like so many companies around the world, continues to navigate the effects of the coronavirus crisis.”

    The group said they have been forced to make difficult decisions and take strong measures across all parts of the business but that in everything they have been doing, the customer is always in focus.

    “We believe that customer-centricity, strong collaboration, subsisted sustainability and expanding digitalization are key factors for our success.”

    Helmersson, who once headed the sustainability department in the company, said sustainability work is an integral part of the whole business and includes every area of the company, hence its growth targets and sustainability goals have equal weighting, live side by side and are entirely interconnected.

    “I know the importance of environmental protection, people empowerment and industry transparency to build a sustainable business,” Helmersson said. “These areas are not only close to my heart but very much part of my business perspective.”

    With the release last week of the 2019 Material Change Insights Report compiled by the global non-profit Textile Exchange, H&M said it seems their efforts on sustainability are showing progress.

    The report showed the H&M Group leads the ranking in the use of organic cotton and down certified by the Responsible Down Standard. This means the company is recognized as the number one company sourcing preferred cotton. This includes organic cotton, recycled cotton and cotton sourced through the Better Cotton Initiative, among others.

    “Being ranked as a leading company in sustainable materials sourcing is a great recognition of all the hard work we do every day to make our business more sustainable,” said Cecilia Brännsten, H&M’s Environmental Sustainability manager.

    “But that doesn’t mean we are done yet, there is still work to do to increase the use of recycled materials and push for innovative materials.”

    After cotton and synthetic materials such as polyester and nylon, the materials the H&M group use the most are man-made cellulosic materials such as viscose.

    Sourcing them in a more sustainable way has been a big part of the company’s goal, H&M said.

    The company has announced its commitment to become climate positive throughout its entire value chain by 2040 at the latest.

    “That means we will reduce more greenhouse gas emissions than our value chain emits  — all the way from cotton farms to the customers’ washing machines and the recycling baskets,” the company said.

    H&M said to become climate positive, they need to change how their products are made and enjoyed.

    “About 70 percent of a garment’s climate impact arises during the manufacturing process itself. Making fibres, processing materials, dyeing and fabricating requires a lot of energy,” the fashion giant said. “We make tough demands on our suppliers, and we also help them to switch from fossil-based to renewable energy sources such as wind and solar.”

    H&M cited as example that the group is currently implementing energy efficiency programs throughout its supply chain in close cooperation with its business partners.

    “We also work on putting pressure on and collaborating with governments and authorities. This is a way to create positive changes beyond our industry.”

    But, the company said, to be completely climate positive, they need to find new solutions.

    “We are exploring new techniques that potentially could absorb greenhouse gases and turn it into new fabrics and products,” H&M said. “We are constantly exploring new ways of making our products, such as making fabrics out of citrus peel and old fishnets.”

    The H&M group said it wants to make sustainable fashion affordable for everyone.

    “It’s the essence of what we do and why we exist,” the company said. “As part of an industry facing significant challenges, we want to ensure that we move away from a linear system to a circular one that ensures long-term sustainability. As a major player in the industry, we are well-positioned to lead this change.”

    Stores reopening

    According to the retailer, the current situation with the coronavirus crisis remains challenging for them but they are happy to be gradually re-opening stores in markets where governments have eased restrictions.

    “Safety measures vary from market to market-based on recommendations and guidance from the relevant authorities,” the company said.

    The company’s media team said some of these recommendations and guidelines include the use of plexiglass, limiting the number of customers in stores, closure of fitting rooms and the use of personal protective equipment to name some.

    “These measures have been well received by customers,” the team said.

    The team said it is in extraordinary situations like this current pandemic that people see how interconnected human health and planetary health are.

    “This is why the H&M Group, together with other leading companies, just joined the Uniting Business and Governments to Recover Better statement, the latest initiative of the UN Global Compact.”

    The Recover Better statement, signed recently by around 150 companies, is a call to action for governments and policymakers to reimagine a better future grounded in bold climate action.

    “It is now more important than ever that companies and governments show leadership standing by their commitments in climate action, and that we take responsibility together,” H&M said.

    The company said it expected to make a loss in the second quarter but pointed to a rebound in demand in China.

    H&M said in those markets that have begun to open up, trade in the stores has initially been muted. At present 3,050 stores, representing 60 percent of the group’s 5,061 stores, are still temporarily closed.

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  • H&M launches menswear clothing line using intelligent fabrics

    H&M launches menswear clothing line using intelligent fabrics

    Sweden fashion retailer H&M launches an intelligent fabric this week, deploying fashion technology for menswear which keeps the wearer cool in the summer heat.

    Called Coolmax, the intelligent fabric absorbs moisture and allows air to pass through.

    “We see fabric innovation as pushing menswear forwards in new ways,” said Ross Lydon, head of menswear design at H&M. “Coolmax is our first collection that optimizes everyday clothing with high-performance materials. It is a segment of the market that we will continue to explore and focus on in the future.”

    Coolmax fabric will be used in clothing such as polo shirts and crewneck T-shirts or jeans. The hero of the new Coolmax collection is a two-button tailored slim-lapel jacket, pictured at the top of the screen, which retails for €69.99. T-shirts are priced at €9.99 and polo shirts at €14.99.

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  • H&M tops fashion transparency

    H&M tops fashion transparency

    Fashion Revolution has crowned H&M the most transparent fashion business in the world in 2019, scoring 73 percent of a possible 250 points in its annual Fashion Transparency Index.

    The index ranks the world’s largest fashion brands according to how much they disclose about their social and environmental policies, practices and impacts across a number of topics, including animal welfare, forced labor, gender equality, living wages, waste and recycling, and more.

    Following H&M was C&A at 70 percent, and Adidas and Reebok at 69 percent each. The average overall score across the 198 brands reviewed landed at 25 percent, 3 percentage points higher than 2019.

    However, an ongoing issue remains that brands tend to disclose more about the policies in a vacuum, and not touch on how these policies are put into action and detailing outcomes, results, and progress.

    And the types of information that is used on brand websites and documents are generally repeated and slightly altered for each document or page, generally with no substantive difference in what is said.

    “Some brands use a large number of filler words and fluffy explanations and details that obscure what information or data is actually relevant and useful for external stakeholders. We’ve even found instances of conflicting facts and statistics,” Fashion Revolution wrote.

    “It can be counterproductive to transparency and accountability. Not everyone has the hours and days it can sometimes take to decipher what brands are actually disclosing and how to use this information in an effective way.”

    After ranking 220 of the biggest fashion brands in the world, Fashion Revolution laid out actions to be taken in the industry over the next 12 months to improve transparency further.

    Firstly, brands should publicly disclose their suppliers beginning with the first tier, but should continue all the way down to the raw material level.

    Secondly, honoring contracts and paying suppliers through the COVID-19 crisis will help keep supply chain workers employed and supported.

    There should also be more information published about brands’ environmental impacts, including the number of carbon emissions, water consumption, pollution and waste created, as well as what is being done to address these concerns.

    And, finally, Fashion Revolution urges brands to answer customer questions on social media or email with practical information, not just with policy information and brand principles. This way, customers can join brands on their sustainability journeys and help to hold them accountable.

    “Transparency is the first step towards a different culture, one where brands become open and accountable, and customers are ready to become vigilant and ask, ‘who made my clothes?’,” said Fashion Revolution co-founder Orsola de Castro.

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  • India is now H&M’s fastest-growing market

    India is now H&M’s fastest-growing market

    Fast-fashion retail giant H&M has labelled India its fastest-growing emerging market.

    The firm is now targeting ₹2,000 crore (US$280,000) in turnover from the territory, a goal it is likely to achieve by the end of this year despite signs of reduced domestic consumption.

    H&M’s growth in the region has benefitted from both online and offline efforts, along with its collaborations with local partners and affordability of the brand. It operates 47 outlets in the country, compared to 22 run by rival firm Zara, with financial figures suggesting it may have a leading edge in terms of sales.

    According to a report in the Business Standard, H&M India country head Janne Einola has indicated H&M will target tier-II and -III markets for future store locations. It is expected to launch up to 10 new Indian stores this year, as well as diversify its product range into different sectors such as home furnishings and beauty, as well as traditional Indian clothing.

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  • H&M China’s slow recovery paints ‘bleak’ picture of retail post pandemic

    H&M China’s slow recovery paints ‘bleak’ picture of retail post pandemic

    Weekly sales data from H&M China stores are a harbinger of what faces the world’s fashion industry after the coronavirus passes, says GlobalData.

    The data shows that while stores are slowly starting to recover from the peak of the coronavirus pandemic in Mainland China, “there has clearly not been an immediate bounceback,” says principal analyst Honor Strachan.

    “H&M’s performance in China paints a harsh reality for what is to come across much of the world’s major retail markets, with the US, Spain, Italy, Germany, France, Iran, the UK and Turkey now having the highest number of confirmed coronavirus cases (excluding China) leading to significant slumps in consumer spend on fashion. Moreover, H&M operates in a winning segment of the apparel market, it has the scale to negotiate with suppliers, it has a strong physical portfolio where many stores are new or have been modernized, and stores operate in core retail locations – making its recovery more advantageous than many of its rivals, especially smaller domestic chains.”

    “Looking at H&M China’s data, sales were down 79 percent in week 10 despite 89 percent of its stores in the country being open, raising the question whether this is a financially viable strategy in other affected markets due to the burden on operating costs.

    “In China, nearly all retailers have now reopened stores, but consumer propensity to spend is significantly higher than in mature retail markets such as the US and much of western Europe so we expect store reopening schedules and the recovery process to be longer than what we have witnessed in China.”

    Strachan says retailers must start planning a recovery strategy for each country they operate in, taking into account consumer sentiment and confidence, the country’s financial stability, consumer propensity to spend on fashion, online penetration and the time in the season and promotional calendar.

    “All of these factors will impact how and when physical stores should reopen.”

    “Understandably retailers will be keen to reopen stores to clear seasonal stock and recover lost revenue, but the impact on profitability by opening these stores too early could be severe.”

    He says some retailers may need to consider whether consumer demand after the pandemic’s peak will be sufficient to warrant reopening all stores in any one market at once.

    Retailers in some markets around the world will be able to draw on government support to help them through the recovery stage. For example in the UK, business rates have been suspended, and landlords barred from taking back possession of store space due to unpaid rent. Furthermore, in many markets around the world, including in Hong Kong and Singapore, consumers are receiving cash handouts from governments to help stimulate the economy. In others, governments are providing income for furloughed staff and in that case, it may serve retailers’ interests best to keep store staff out of work until consumers resume spending on non-essential items and footfall recovers.

    “Understandably flagship and tier-one stores will be a priority to reopen as soon as possible, but retailers must consider what their neighbors are doing in each location as trading from under-occupied high streets or shopping centers will impede traffic and draw out the recovery period.”

  • H&M’s sales recovery derailed by Covit 19 virus

    H&M’s sales recovery derailed by Covit 19 virus

    Solid results from restructuring have been dented, but fast-fashion label sees potential online.

    A recovery in fast-fashion retailer H&M’s sales and profit has been muted by the impact of the coronavirus pandemic on stores across Asia.

    First-quarter data for the company showed global sales growth of almost 8 percent, despite sales in China, the company’s second-largest market, plunging 24 percent in local currency.

    Demand collapsed in February when more than two-thirds of the chain’s stores in China were closed, driving sales down 84 percent.

    Kate Ormrod, the lead retail analyst at GlobalData, said that while a slow recovery in the Chinese market offered hope for the brand as stores began to reopen, the spread of coronavirus through other markets including Hong Kong, Japan, Macau, Singapore and Taiwan saw March sales slump by 46 percent, contrasting with a 7-per-cent rise in the same month a year ago.

    Online has provided some respite with H&M’s e-commerce sales lifting 17 per cent during the first month of the second quarter, and 47 out of 51 online sites it sells through still operating.

    With three-quarters of its stores worldwide now shuttered, including all shops in Australia and the US, H&M is looking at ways to boost turnover online.

    “We do think that the crisis, in general, will lead to a fast shift towards digital,” new CEO Helena Helmersson told the Financial Times. “We need to be ready for that and accelerate some parts of our work.”

    Despite a plan to see operating overheads reduced by up to 25 percent, H&M’s sales during the second quarter are projected to fall far enough to result in a loss.

    ‘‘Present in 74 markets, H&M’s global operation makes the challenge of dealing with Covid-19 all the more harder, ensuring the pandemic is a true baptism of fire for Helmersson,” said Ormrod.

    Evidence of the impact of restructuring undertaken during the last year, H&M achieved a net increase in an operating margin of 2.9 percentage points to 4.9 percent during the first quarter, despite the impact of the coronavirus.

    “H&M has reaped the rewards of its extensive transformation plan – which we expect to help protect the retailer in the long run and ensure it can better cater to a post-coronavirus consumer,” observed Ormrod.

    Meanwhile, the Swedish-headquartered company has suspended new orders but undertaken to pay for stock already fulfilled or in production.

    “Protecting the business is a priority but just as it continues to lead the way on sustainability H&M has an opportunity to set itself apart from other fast-fashion retailers by setting the standard when it comes to treating stakeholders ethically amid the crisis,” said Ormrod

    “Producing PPE equipment and making donations is commendable, but all eyes are on how H&M treats its thousands of workers, with reduced working hours and temporary lay-offs already enacted and redundancies remaining on the table.”

  • H&M to supply protective equipment for hospitals

    H&M to supply protective equipment for hospitals

    Sweden fashion retailer H&M is to supply protective equipment to hospitals as they fight the coronavirus outbreak.

    The company said it reached out to the European Union to understand the needs and offer help, which includes opening up its purchasing operations and logistics capabilities.

    “The coronavirus is dramatically affecting each and every one of us,” said Anna Gadda, head of sustainability of H&M. “H&M Group is, like many other organizations, trying our best to help in this extraordinary situation.

    “We see this is as the first step in our efforts to support in any way we can. We are all in this together, and have to approach this as collectively as possible,” she said.

    Recently, the group also donated US$500,000 to the Covid-19 Solidarity Response Fund created by the UN Foundation to support coronavirus prevention

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  • H&M looking to open stores in smaller cities in India

    H&M looking to open stores in smaller cities in India

    H&M in India is planning a broad expansion beyond tier I cities into smaller population centers.

    The move is in response to a burgeoning demand for its apparel items in tier II and II cities within the territory and continues the brand’s rapid growth in the Indian market, where it has recently partnered with local e-commerce platforms to strengthen its digital footprint.

    “What is clearly evident from our online platform is we see a great demand in tier II and III cities,” said H&M India country manager Janne Einola. “Tier II cities have been working very well for us… We have been testing in tier III cities like Coimbatore and Jalandhar. And these cities have been promising. This is the reason why I feel confident that we can grow in India. We will open quite a lot in Tier II cities and some of them in Tier 1.”

    H&M in India achieved a 43-per-cent sales growth last financial year despite a significantly slower growth rate during the period. Around half of its current locations within India are in tier II cities, and the firm reportedly takes a far greater proportion of online sales within India than the global average of 24 percent.

    H&M in India is planning to launch its first Indian ethnic wear collection next month in partnership with designer Sabyasachi Mukherjee.

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  • India is now H&M’s fastest-growing market

    India is now H&M’s fastest-growing market

    Fast-fashion retail giant H&M has labeled India its fastest-growing emerging market.

    The firm is now targeting ₹2,000 crores (US$280,000) in turnover from the territory, a goal it is likely to achieve by the end of this year despite signs of reduced domestic consumption.

    H&M’s growth in the region has benefitted from both online and offline efforts, along with its collaborations with local partners and the affordability of the brand. It operates 47 outlets in the country, compared to 22 run by rival firm Zara, with financial figures suggesting it may have a leading edge in terms of sales.

    According to a report in the Business Standard, H&M India country head Janne Einola has indicated H&M will target tier-II and -III markets for future store locations. It is expected to launch up to 10 new Indian stores this year, as well as diversify its product range into different sectors such as home furnishings and beauty, as well as traditional Indian clothing.

  • Forever 21’s new owners tap H&M executive to lead turnaround

    Forever 21’s new owners tap H&M executive to lead turnaround

    The new owners of failed US fast-fashion firm Forever 21 have appointed a key H&M executive to take charge of a turnaround plan.

    Two of the chain’s landlords, Simon Property Group and Brookfield Property Partners, teamed with Authentic Brands Group to purchase the business for a bargain-basement price of just US$81.1 million. However, the consortium has also assumed some $300 million in liabilities as part of the deal.

    Former H&M US president Daniel Kulle has been appointed the firm’s new CEO. He will work with the new owners to maintain the majority of the 450-odd stores across the US. Some overseas stores will be licensed to local operators. The owners will seek to expand the brand throughout China, Southeast Asia and in other key markets, having already launched an online-first strategy.

    Under Kulle’s leadership, the brand will focus on current design trends, speed to market, sustainability and a younger target audience.

    “Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential,” said ABG founder, chairman, and CEO Jamie Salter. “We’re looking forward to working with the Forever 21 team and our global partners. Together, we’ll revitalize the brand’s core business and connect with audiences around the world through new product offerings and experiences.”

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  • Solid H&M results show transformation plan is paying off

    Solid H&M results show transformation plan is paying off

    Increased full-price sales and lower markdowns signal that H&M’s multi-pronged transformation plan is paying off, according to GlobalData analyst Kate Ormrod.

    H&M fourth-quarter sales were affected by the later timing of Black Friday last year, compared with 2018, however that failed to dent an impressive turnaround performance from the Swedish fast-fashion retailer which 12 months ago was struggling to move significant excess inventories. In the second quarter it returned to profitability and Ormrod says a greater focus on online sales, supply-chain management and the fine-tuning of its physical store network have been sound.

    Net sales increased by 11 per cent to US$24.2 billion for the full year and gross profit increased by 9 per cent to $3.5 million. Its fastest growth rate was in India where sales rose by 33 per cent, although the brand is still relatively new to that market.

    Outgoing CEO Karl-Johan Persson, who will soon take over his father’s role as chairman, said the positive performance shows the company is “on the right track”.

    “In view of the ongoing transformation of fashion retail, we have been making significant and necessary investments for several years to secure the H&M group’s position and long-term development,” he said.

    Ormrod says while H&M still has some work to do in order to fully satisfy consumers’ demands, she expects the company to continue to benefit from its vast future-proofing initiatives this year. Net sales over December and January rose by 5 per cent in local-currency terms, up from 4 per cent last year, “emphasising that its appeal and relevance have not wavered,” she said.

    “Optimising its brick-and-mortar business remains a priority with H&M planning to open a net of just 25 stores in the current financial year, with physical expansion in growth markets such as South America and Eastern Europe almost offset by the closure of about 175 stores, primarily in Europe, the US and China.

    “Pressure remains to elevate its remaining stores with a need to drive consistency in in-store presentation and experience at its core H&M fascia. The retailer’s focus on sustainability is market-leading and apt given growing consumer interest, enabling it to deliver fast fashion with a conscience and at the same time casting shade on competitors such as Inditex. However it must continue to invest in areas such as value for money and quality that truly matter as purchase motivators among the majority of its shoppers in order to deliver results.”

    Meanwhile, Helena Helmersson, H&M’s former COO, has taken over as CEO, the first woman to head the company.

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  • H&M launches Monki stores in the Philippines

    H&M launches Monki stores in the Philippines

    H&M Group is to launch Monki in the Philippines, the second Southeast Asian market for the Swedish fashion group’s diffusion brand.

    The first store for Monki in the Philippines will open later this year at SM Megamall in Manila and will be followed by a second at SM Mall of Asia.

    “Monki’s mission is to empower young women everywhere and help them feel good about themselves,” said Jennie Dahlin Hansson, MD at Monki. “We can’t wait to get to know a new market and welcome new customers to our global family.”

    Monki in the Philippines’ first store will be designed with glitter, mirrored walls and scallop detailing, in line with the brand’s format in Europe, according to a spokesperson.

    Founded in 2006 in Sweden, Monki joined the H&M group two years later. The company operates 127 stores across 19 countries and regions. The Philippines is the brand’s second destination in Southeast Asia after Malaysia.

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  • H&M unveils Chinese New Year collection

    H&M unveils Chinese New Year collection

    A new H&M Chinese New Year collection has been launched, celebrating the Year of the Rat.

    The H&M Chinese New Year collection features more than 100 items including ladieswear, menswear and kidswear and special items featuring cartoon characters.

    Besides classic dresses, sweaters and wardrobe basics like denim and khaki items, the ladieswear range offer tops and accessories featuring Tom and Jerry characters and Minnie Mouse from Disney. A wide range of red and gold accessories is also included to finish off the outfit for Chinese New Year.

    Male customers can pick from quirky tees and printed hoodies for the new year festivities. In line with the athleisure trend, there is also a wide range of tracksuits and sporty accessories like bucket hats, beanies and belt bags for the fashionable go-getter. Mickey Mouse is featured in the collection together with Tom & Jerry, Mighty Mouse as well as The Itchy and Scratchy Show.

    The H&M Chinese New Year collection also features kid’s apparel and colorful prints featuring the auspicious animal of the year. There are also matching dresses from the Mini-Me collection for mums and daughters who love ‘twinning’.

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  • H&M’s Cos China to launch clothing rentals with YCloset

    H&M’s Cos China to launch clothing rentals with YCloset

    H&M Group’s higher-end clothing brand Cos is to trial renting out its clothes in China through rental platform YCloset.

    Swedish retail company H&M Group said it has partnered with YCloset to run a three-month trial to explore the circular business model.

    “The rental subscription has an additional sustainable aspect to it, as customers will be able to buy the product for a reduced price when the rental period is over, giving them another chance to enjoy the garments,” said the company.

    Cos MD Marie Honda said that the brand’s quality will lend itself well to the rental system. The brand is described by the group as one that merges high fashion attributes with ground-level pricing.

    “Cos collections are designed and made to last; longevity has been an integral part of the Cos design ethos since the brand began 12 years ago,” she said.

    H&M Group said YCloset’s 15 million registered users will enable the group to learn more about Chinese customers and their demographics.

    In November, H&M launched a rental service through its Stockholm flagship store, which also offers repair services with an atelier where customers can get their fashion favorites mended or upgraded.

    The clothing rental service market was estimated at US$1 billion last year.

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