H&M CEO Karl-Johan Persson opened the clothing giant’s AGM by apologising for its poor performance over the past year. “We did not meet expectations and feel, like you, disappointment over this,” he said.
He expects tough conditions to continue for the company during the first half of the year but for things to improve later in the year.
Growth is to be boosted with new brands, an increased focus on online and digital and a better customer experience in store. It will also entail adapting existing stores, closing those that are not profitable and opening stores in potential markets such as Ukraine and Uruguay.
On Tuesday, Zalando, which is not only one of H&M’s competitors, but a partner, reported sales growth of 22% in the first quarter. With the report, CEO Rubin Ritter emphasised that they are discussing expanding the cooperation with H&M.
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