Tuesday, July 16, 2024
Tuesday, July 16, 2024
Home » H&M to Shut High-Profile Singapore Store

H&M to Shut High-Profile Singapore Store

by Morgan Barker
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H&M’ s two-storey Ion Orchard outlet is closing in March, after a run of more than a decade.

Opened in 2012, the store’s last day of operations is on March 12, according to a Facebook post by the Swedish fast-fashion brand on Feb

The post added: “But don’t worry. We’ll meet in other places.” The retailer, which currently has nine outlets in Singapore, shuttered two outlets in recent years.

H&M’s Tampines Mall outlet was shut in August 2020, while its Waterway Point outlet in Punggol closed in January 2021.

The Straits Times has contacted H&M for comment.

H&M entered the Republic in 2011 with a flagship store at Somerset.

The world’s No. 2 fashion retailer – behind Inditex, which owns Zara – has had a spate of closures in Europe, spurred by factors such as the Ukraine-Russia conflict and high inflation.

According to media reports, one in five of its Britain-based stores had closed in the past few years, with four more stores earmarked to close this year citing “a rapid change in customer behaviour”.

In October 2020, the retailer said it planned to cut 250 of its stores globally. As at Nov 30, 2022, it had 4,465 outlets worldwide.

Luxury brands have weathered factors such as the Ukraine-Russia conflict far better than their high-street counterparts.

While H&M saw its net profit fall 68 per cent from 2021 to 3.6 billion Swedish kronor (S$450 million), French multinational LVMH – which owns brands including Tiffany & Co, Christian Dior and Sephora – had a record year in 2022, raking in a 23 per cent jump to hit €79.2 billion (S$112.9 billion) in 2022.

Source: Retail News Asia

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