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H&M Will Shut its Paris Flagship on Avenue des Champs-Elysées – WWD

PARIS H&M plans to close its Paris flagship on the Avenue des Champs-Élysées as a part of an ongoing plan to adapt its retail community within the wake of the coronavirus pandemic.

The 30,000-square-foot retailer opened in October 2010 after a five-year authorized battle with Paris Metropolis Corridor, which opposed the arrival of fast-fashion manufacturers on the well-known avenue. Information of the closure was first reported by French information company AFP.

Final yr, the Swedish fast-fashion big introduced modifications in its 5,000-strong retail community, with 350 shops closing and 100 opening in 2021. In an announcement, H&M France didn’t give a timeline for the Champs-Elysées closure. It stated it has began consultations with labor unions and plans to supply jobs at its different shops to the employees impacted.

“The H&M Group is at the moment going by way of a metamorphosis on a world stage the place we proceed to adapt to satisfy elevated buyer expectations and to make sure we now have the appropriate shops in the appropriate areas,” it stated.

Vogue retail in Paris continues to endure from the compounded results of a sector-wide structural disaster as a result of rise of e-commerce, accentuated in the course of the pandemic, and a scarcity of foot site visitors, with vacationers remaining largely absent and locals smart-working.

The information comes as workers at an H&M warehouse in Le Bourget, the retailer’s sole French logistics web site, have been picketing to protest plans for the closure of this location, which might affect greater than 150 jobs.

Final September, H&M introduced a 158 p.c year-on-year leap in earnings for the third quarter, bringing the group’s internet revenue to eight.3 billion Swedish kronor, or $946.9 million, for the primary 9 months of the 2021 fiscal yr.

SEE ALSO:

H&M Sees 158% Gain in Q3 Net Profits

H&M Group Reports Q3 Sales Up 14% in Local Currencies

H&M Flags Strong Recovery Despite H1 Profit Decline

https://wwd.com/business-news/retail/hm-to-shut-champs-elysees-flagship-in-paris-1234985783/ | H&M Will Shut its Paris Flagship on Avenue des Champs-Elysées – WWD

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