Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

H&M says to close down Cheap Monday brand

H&M says to close down Cheap Monday brand
FILE PHOTO: An H&M sign is pictured during Black Friday shopping in New York City, New York, U.S., November 23, 2018. REUTERS/Carlo Allegri -
Copyright
CARLO ALLEGRI(Reuters)
Euronews logo
Text size Aa Aa

STOCKHOLM (Reuters) – H&M <HMB.ST>, the world’s second-biggest fashion retailer, said on Tuesday it would close down its independent brand Cheap Monday by the end of June 2019.

“Cheap Monday has a traditional wholesale business model, which is a model that has faced major challenges due to the shift in the industry,” H&M said in a statement.

“There has been a negative trend in the Cheap Monday’s sales and profits for a long time. The H&M group therefore intends to close down  Cheap Monday.

H&M said it saw great potential for all its other smaller independent brands, which include COS and & Other Stories.

(Reporting by Anna Ringstrom, editing by Louise Heavens)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.