2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15
What is happening to the fashion giant? The news that H&M has a mountain of excess clothing and accessories valued at $ 4.3 trillion has gone around the world and has already appeared in the mainstream fashion and business media. As reported by the New York times, the Swedish chain began to present a decrease in sales last year, something that had not happened in almost 20 years and that now translates into a gigantic excess of clothing with which they do not know what to do.
The president of the brand, Karl Johan Persson, has announced that there will be more sales to try to get rid of part of this excess of unsold clothing. "The high level of sales on sales combined with an unusually cold winter have had a negative impact on the sale of spring clothing," he says in the report published on his website.
But it doesn't end there.
According to other media such as the Spanish newspapers ABC and La Vanguardia, in addition to reducing many of their garments, another brand strategy to end excess presses is to burn those that have any damage, turning them into fuel for a power plant in Sweden. Something that, as they themselves have recognized on their website, they already did in 2007 with more than 15 tons of clothing.
"Right now there is a power plant in Sweden where the stock that H&M cannot sell instead of coal or oil is burned to create energy to supply the area around the plant," explained New York Times journalist Elizabeth Paton in an interview for NPR.
This is the last controversy that the Swedish chain faces, a few months after running rivers of ink after posting on its website a black boy posing in a sweatshirt that says "The cutest monkey in the jungle".
After the news spread like wildfire on the Internet, celebrities like The Weekend and rapper G Eazy, who collaborated with H&M, announced that they would no longer work with the brand that even closed stores in South Africa due to protests and attacks that triggered the news.
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