H&M Are Experiencing Massive Drops In Profits
After the PR disaster that was the ‘coolest monkey in the jungle’ hoodie incident, H&M is taking another hit, this time financially. They have announced that they had a decline in profits of 14 percent over the 12 months to November 2017. The company has lost over a quarter of its market value.
But the H&M is keeping its head high, they aim to turn their financials around. They will be closing 170 H&M stores, and have plans to open a new discount store this year named ‘Afound’.
The PR disaster seemed to come at the worst time possible – H&M need to be attracting people to their brand at a time like this, rather than driving them away. Will they be able to turn things around? Let us know what you think in the comments.