Consumer demand for apparels has been falling significantly in China owing to frequent lockdown in the country.
So, it wasn’t surprising to see the Swedish fast fashion giant H&M shut down yet another store in the country – the latest being its flagship store in Shanghai.
Despite Shanghai having lifted lockdown, consumers haven’t still returned to malls or stores in significant numbers to buy apparels.
And if this wasn’t enough to hit H&M sales, the retailer’s letter highlighting concerns about allegations of forced labour in the Xinjiang region made it even more difficult for H&M.
Consequently, consumers started boycotting H&M products.
Unlike some other fashion brands who too raised their concerns over Xinjiang cotton, H&M suffered the worst as its products remain unavailable on big Chinese e-commerce sites such as Tmall and JD.com.
Founded in 1947, H&M is known for its fast-fashion apparels for men, women, teenagers and children. It generated US $ 24.8 billion in 2019.
