Following the protests and controversy surrounding an offensive hoodie released earlier this month, H&M is planning to close the most number stores in the last two decades as the company attempts to adapt to digital shopping trends.
According to a report from Bloomberg, Hennes & Mauritz expects to close 170 shops and open a total of 390 new ones, the biggest number of closures for the Swedish fashion giant since at least 1998. H&M profits have also declined 14% over 12 months to November 2017. This downturn has been partly driven by the biggest drop in quarterly sales recorded, while the share price has dropped by just over nine percent, a nine-year low.
H&M plans to turn around its fortunes with the new shops and the launch of a discount store named Afound, which is set to open sometime this year.