The Chinese ultra-fast-fashion giant said it will reduce supply chain emissions 25 percent by 2030, outlining projects to drive greater energy efficiency and support a transition renewable power among its manufacturers.
The new store chain called Azorte, the first of which was launched in Bengaluru, will compete with the likes of Mango and Industria de Diseno Textil SA (Inditex)-owned Zara, and cater to Millennials and Gen-Z.
H&M launched a 2 billion Swedish crown ($177 million) cost savings drive on Thursday after reporting weaker-than-expected profits due to soaring input costs, slowing consumer spending and its exit from Russia.
Next, which trades from about 500 stores and online, said it now expected full price sales in its second half of its financial year to fall 1.5 percent, and a full year pretax profit of £840 million ($905 million), up 2.1 percent versus 2021-22.
The trend indicates a significant change in China’s $74 billion luxury goods sector, where the second-hand luxury sub-segment has been slow to take off versus other markets such as Japan and the United States due to a preference for newness and fears of unsuspectingly buying a fake.