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.
Bank SEB coordinated the new facility.
By Anna Ringstrom; editor: Bernadette Baum.
A new study from Trove and Worldly found that if luxury and outdoor apparel brands can grow their resale offering to account for a quarter of total revenue, then they can substantially reduce carbon emissions. Fast fashion, not so much.
The US Federal Trade Commission filed a long-awaited antitrust lawsuit against Amazon on Tuesday, charging the online retailer with harming consumers through higher prices in the latest US government legal action aimed at breaking Big Tech’s dominance of the internet.
Malls across the US have been ‘flash robbed’ by groups of about 20 to 30 suspects stealing retail merchandise.
BoF Careers provides essential sector insights for fashion professionals in retail this month, to help you decode fashion’s retail landscape.