H&M Group announced last week, that the company will be merging the brand Monki, into the Weekday unit. The company is thereby betting on Weekday, to become fashion’s “new youth destination.”
As part of this change the Monki head office in Gothenburg, Sweden will close, affecting 150 employees. The company said that workers will be supported to apply for a role within the new organization, or to continue their career elsewhere.
The head office will be based in Weekday’s current premises in Stockholm. The organizational changes will come into effect in May, 2023.
The company said the move will leverage customer synergies, reduce administration and operational costs, and free up resources to develop a stronger offer.
Weekday and Monki will continue to operate as separate “brand experiences” online and in their physical retail stores.
As of February, there were 74 Monki stores and 53 Weekday stores worldwide.