The clothing chain H&M closed 11 of more than 130 stores in the Netherlands in recent months. This is evident from the company’s overview that Wed Published. After the United States, the Netherlands is the country where most stores have closed.
In the past year, it has become clear that H&M wants to reduce the number of stores worldwide. 350 had to be closed, while another 100 would be added. It was not clear at the time what consequences this would have for the Netherlands.
It now appears that the original Swedish company has closed the doors of eleven Dutch stores for good. On the other hand, two new have been added. Worldwide, the group recently closed 84 branches and opened 15 branches. H&M has several stores under its own name, but it also has the brands Arket, COS, Monki, and Weekday.
The clothing chain is currently suffering a lot from the lockdown measures taken by governments around the world. The company incurred a total loss of 1.4 billion Swedish kronor (137 million euros) last quarter, which spans H&M from the beginning of December to the end of February. H&M expects things to improve for the rest of the year.
How well things will go depends in part on developments in China. H&M has been criticized for a statement that it will not use cotton from Xinjiang, China, because the local Uyghur population there is severely persecuted and employed by the Chinese government in the cotton industry.
The statement angered the Chinese people, some of whom decided to boycott the clothing chain due to these statements. H&M Reports Wednesday that it plans to restore the confidence of the Chinese.
“We believe that by working with our stakeholders and partners, we can take steps to jointly develop the fashion industry and serve customers in a respectful manner,” the company said in a statement.
In terms of the number of stores, China is the Swedish company’s third largest market after the United States and Germany, respectively.