Translated By:Tokyo Sakura/ English Translation Team    

Resource:baidu                        

June 28 Finance.com reported that the H&M store located at 651 Huaihai Middle Road, a traditional commercial street in Shanghai, has quietly withdrawn, the store was the first H&M store opened in the Chinese mainland market, which had been open for 15 years.

In April 2007, H&M with Madonna and Kylie Minogue swimwear collection settled in Shanghai’s most prosperous Huaihai Road business district, thus opening up the mainland market. Huaihai Zhong Road is the traditional corel business district of Shanghai. In addition to H&M, fast fashion brands ZARA and Uniqlo, international sports brand Adidas also chose the middle Huaihai Road in Shanghai as their first stop in China.

The Xinjiang cotton event in 2021, was the turning point in H&M’s declining sales in China, as of the end of last year, H&M had closed 60 stores in China, accounting for 12% of the total number of stores in China.H&M’s affiliate company,Hain & Morris (Shanghai) Commercial Ltd. was established in November 2006 with registered capital of 5 million Euros. It is wholly owned by H&M Hennes & Mauritz Asia Limited. The company has over 600 branches in China, and more than 100 have been written off, of which 18, 22 and 51 have been canceled respectively from 2019 to 2021.

With the gradual deterioration of the business environment in the Communist China, the sharp economic decline, and the outbreak of the aftermath of the toxic vaccine, more and more foreign companies will leave China.

Resource:H&M内地首店关门!15年前开业时还曾排队、限流!回应:系“战略转进”

Edit By/Posted By:Tokyo Sakura/ English Translation Team