[ad_1]
The Swedish clothing chain Hennes & Mauritz (H & M) will close its brand Cheap Monday "because of accumulated losses". The H & M group stressed that the definitive closure will be completed by June 2019, relocating the approximately eighty employees. "Cheap Monday is a traditional business model of the wholesale business that faces major challenges due to the changing industry," the group said in a statement.
The shop Cheap monday London and the online store will be closed on December 31, added H & M H & M acquired Cheap Monday in 2008. The brand includes denim clothing and fashion collections, sold mainly through resellers.
"The fashion sector is going through a period of great change following digitization – says the press release – The H & M group has decided to focus on its core business". The company points out that the Cheap Monday model had to "face great challenges and therefore experience a negative trend of sales and profits for a long time". Cheap Monday is a brand launched in 2004 that launched its own store in 2009 from Copenhagen, one year after the acquisition of the Swedish clothing giant. To date, the brand has been distributed in approximately 1,800 stores in more than 35 countries, as well as on the site.
The client attacks H & M for "ridiculous sizes", replies the company: "There is no standard"
Source: Reuters →
Source link
