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)