The executive’s first 14 months running the fast fashion giant were marked by the pandemic. Now her company’s at the centre of a backlash in China against retailers who criticise human rights abuses in the cotton-producing Xinjiang region.
H&M Group sank to a loss in the second quarter of 2020 as the pandemic caused sales to plummet 50 percent year-on-year, but it has since recovered faster than expected. The fast fashion giant’s chief executive is focusing on more sustainable business models to drive growth in the coming years.
The retailer aims to cut its store number by a net 250 next year, representing 5 percent of its current network.
The fast fashion retailer, which will publish its full quarterly report on October 1, reported pretax earnings of around $229 million.