The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
STOCKHOLM, Sweden — H&M, the world's second-biggest fashion retailer, said on Wednesday it had signed a €980 million ($1.1 billion) revolving credit facility to strengthen its liquidity buffer in light of the coronavirus pandemic.
H&M said in a statement the new 12-month bank facility with a 6-month extension option came in addition to an undrawn €700 million facility signed in 2017 and maturing 2024.
"The H&M group’s liquidity remains good. The group is continuing its work to set up a combination of different financing solutions," the statement said.
H&M on April 3 unveiled plans to raise more cash amid other initiatives to mitigate effects from the spread of the coronavirus, as it warned it would make a loss for the first time in decades in its second quarter.
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Bank SEB coordinated the new facility.
By Anna Ringstrom; editor: Bernadette Baum.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.