World's second largest fashion retailer H & M said on Tuesday that it will close its independent brand of conflict on Monday.
Stoklom: H & M, the world's second largest fashion retailer, said on Tuesday that it will close its independent brand of conflict on Monday.
In 2008, H & M bought a cheap Monday brand owner Fabrik Scandinavian Abbey, whose trademark product is less expensive skinny jeans, and store chains Weekend and Mokki
Cheap Monday products are mainly sold around 3,000 resellers worldwide. It is also sold in its online store, a flagship store in London and online Marketplace Asos and Zaldendo.
"Monday is a traditional wholesale business model on Monday, which is a model that has faced major challenges due to industry change," H & MA said in a statement.
"Cheap Monday sales and long-term profits have been negative, so the H & M group intends to close on Monday."
Fabric Scandinavian was the first acquisition of H & M. Then H & M launched some independent chains like COS and other stories to expand its customer base.
H & Am said on Tuesday, "We look for very good opportunities and great potential for all other brands in the new business, which are developing positively by all digital and physical stores."
Its main H & M brand, which has struggled to adapt to the online shift in the industry, is still responsible for most of the business.
H & M says it aims to close down the cheap Monday, which affects about 80 employees by the end of June 2019.
(The story improves in the 3rd paragraph in Assos and Zaldondo)
(Reported by Anna Ringstrom, edited by Louis Hewens)