Horrible Start to 2018, H&M Reports Biggest Fall in Profits in Six Years
2018 has not been good for H&M. The year kicked off with protests against the brand for their ill-conceived and offensive hoodie released earlier in the month. The results after the protests are that H&M lost two of it’s biggest celebrity stars, and the internet as a whole has been thoroughly against the brand.
Bloomberg is reporting that H&M has felt the pain of their decisions and the fast-fashion juggernaut has announced their biggest drop in profits in the last six years. H&M saw a 14 per cent decline over the last 12 months.
What makes it worse for the brand is that their stock is also trading at a nine-year low. According to Bloomberg, H&M has lost over a quarter of its market value now only amounting to a quarter of Zara’s total worth.
H&M has a plan to turn around the negative image and is expected to bounce back.