How much of H&M sales are in China?

How much of H&M sales are in China?

Sales of the H&M Group from 2008 to 2020, by country (in million U.S. dollars)

Characteristic 2008 2019**
China*** 108.39 1,261.01
France*** 982.76 1,275.34
Sweden*** 915.84 940.4
Russia*** 716.51

Did H&M close in China?

In March, H&M was removed from the Chinese online retail platform Tmall and domestic phone makers’ app stores after it expressed concerns about the alleged use of Uyghur forced labour in cotton production.

When did H&M expand to China?

It opened the first East Asian store in Hong Kong in 2007 and then it landed other Asian countries quickly and successfully. According to Rolf Eriksen who is the CEO of H&M, “We are very proud to open our first store in East Asia, in Hong Kong.

How big is China market for H&M?

Last year, China was H&M’s fourth-largest market and the source of more than $1 billion of revenue.

Is H and M boycott?

Swedish fashion giant H&M saw its sales slump in China, months after it became the target of a Chinese boycott. H&M was among several brands that raised concerns over alleged human rights abuses against Uyghur Muslims in China’s Xinjiang province.

Does H&M support China?

China is H&M’s top clothing supplier and fourth-biggest market by sales. In a statement alongside its quarterly results, H&M said its commitment to China remained strong and it was dedicated to regaining the trust and confidence of customers, colleagues and business partners there.

How is H&M in China?

H&M was scrubbed off Taobao,, and Pinduoduo, its app was delisted, stores were wiped off online maps, and about 20 physical locations were shut. In the three months to May, H&M reported that sales in China fell 23 percent year-on-year — a staggering loss of $74 million.

What is happening with H&M in China?

H&M’s decision to stop using cotton from China’s contentious Xinjiang region provoked a furious social-media reaction in early 2021. But the brand—famous around the world for its extensive selection of affordable, often youth-oriented fashion offerings—was just one of several Western companies taking similar action.

How much did h& m lose in China?

H&M Hennes and Mauritz AB put a number on the cost of upsetting China: about $74 million in lost sales last quarter. The Swedish fashion company said sales in China fell 28% in the three months ending May 31, to about $189 million from $263 million from the same period a year earlier.