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The second largest clothing and footwear retailer, H & M, announced Tuesday that it will stop selling the independent brand Cheap Monday by the end of June.
"Cheap Monday has a traditional wholesale business model, a model that has faced major challenges due to changes in the industry," said H & M in a statement.
As Reuters reports, he said "there has been a negative trend for some time in the sales and profits of the Cheap Monday brand, which is why the H & M group intends to close it. "
As noted, the company sees great potential for its other smaller independent brands, including COS and Other Stories.
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