Fashion giant H&M has been battered by coronavirus, with swathes of its global store estate shut and profits plummeting. Chief executive Helena Helmersson reveals how the group plans to rebound in 2021.
Even with its enormous size and huge global customer base, H&M was not immune from the travails of the Covid-19 pandemic last year.
In the year to November 30, 2020, profit after extraordinary items tumbled 88.2% to SEK 2bn (£174.4m), while sales dropped 18% to SEK 187bn (£16.3bn).
Although H&M is still cautious about the year ahead – company spokesman Nils Vinge said it was “ready to pull the brakes” and is only expecting a “gradual increase in investments” going forward – chief executive Helena Helmersson has bold plans to ensure the fashion giant can not only recover, but thrive post-pandemic.
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