As if Paris Hilton imitating Kim Kardashian in the latest YEEZY campagin shoot wasn’t enough, here is another one:
H&M has been a center of a big controversy ever since their new campaign for kids was revealed. Now word around town is the swedish retailer might be closing down around 170 stores this year. According to Bloomberg, the company is taking these steps in the hopes of strengthening their brand. The company noted it would invest more in online sales and digital inventory-tracking technology. They also plan to markdown their inventory in stores in order to clear it all.
News of the planned closures arrived shortly after it was revealed H&M’s operating profit fell 14 percent in the last 12 months, the company’s biggest drop in six years.
In addition to closing 170 stores in 2018, the company also plans to open 390 new stores – with around a quarter of them falling into other H&M owned formats, such as COS, Monki and newly founded millennial labels, Arket and Afound.