Vogue model H&M has reported a Q1 revenue increase due to the success of its second-hand platform, Sellpy. The corporate said that the platform noticed a major improve in gross sales. This led to an increase in earnings for the quarter. H&M acquired a majority stake in Sellpy in 2020. Since then, the corporate has been integrating the platform into its operations.
The corporate’s womenswear, COS, and Arket manufacturers gross sales had been additionally sturdy within the quarter. The manufacturers have been a spotlight for H&M as it really works to diversify its choices and appeals to a broader buyer base.
Regardless of the optimistic outcomes, H&M acknowledged the continued challenges posed by the COVID-19 pandemic, together with provide chain disruptions and short-term retailer closures in some areas. The corporate has carried out numerous measures to mitigate these challenges, reminiscent of rising its on-line presence and bettering stock administration.
H&M’s CEO, Helena Helmersson, is optimistic in regards to the firm’s future prospects. The CEO mentioned that the corporate’s investments in sustainability and digitalization will assist it navigate the present setting and drive development in the long run.
The optimistic Q1 revenue increase got here as a welcome aid for H&M. In recent times, the corporate has confronted criticism for its sluggish response to altering client tendencies. H&M has additionally confronted rising competitors from on-line retailers. The corporate’s concentrate on sustainability and digitalization is a key a part of its technique. This technique is predicted to stay related in a quickly evolving retail panorama.
