Trend 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 big 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 have been additionally robust 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 continuing challenges posed by the COVID-19 pandemic, together with provide chain disruptions and non permanent retailer closures in some areas. The corporate has applied numerous measures to mitigate these challenges, similar to rising its on-line presence and enhancing stock administration.
H&M’s CEO, Helena Helmersson, is optimistic in regards to the firm’s future prospects. The CEO stated that the corporate’s investments in sustainability and digitalization will assist it navigate the present surroundings and drive progress 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 shopper developments. H&M has additionally confronted rising competitors from on-line retailers. The corporate’s deal with sustainability and digitalization is a key a part of its technique. This technique is predicted to stay related in a quickly evolving retail panorama.
