According to media Morning star, Sweden’s fashion retailer recently stated that the company is working hard to manage the recent challenges in China and find a way forward after the massive boy-cut that amongst other things, saw H&M disappearing from major Chinese e-commerce platforms. The boy-cut came after state criticism for the company’s yearlong decision to not source products from Xinjiang on ethical grounds.
H&M stated that it’s long-term commitment to China remains strong and the Chinese market is an important market for the company. H&M is dedicated to regaining the trust and confidence of customers, colleagues, and business partners in China.
“We want to be a responsible buyer, in China and elsewhere, and are now building forward-looking strategies and actively working on next steps with regards to material sourcing,” H&M said.
In a separate release, H&M posted a net loss for the first quarter of 2021 of SEK 1.07 billion compared with a profit of SEK 1.93 billion last year. H&M said that as of Tuesday, around 1,500 stores remain temporarily closed, which is 30% of its total.