Is it true that Hennes & Mauritz is closing?
In the past week, we’ve been repeatedly receiving a screen snap in our social media accounts. The photo shows an article in Chinese, attributed to a piece published on the news aggregator site Okeyread (新鲜资讯 or Fresh Information). The headline read, “H&M Group Announces: Closure of all branches in Singapore (H&M集团宣布：关闭新加坡全部分店)”. The article does not say from where the information was obtained.
It has been reported in the mainstream media that H&M suffered huge losses due to the ongoing pandemic, with the Financial Times stating that the world’s second largest retailer’s “revenues from June 1 to 24 were down 25 per cent compared with a year earlier, following a decline of 50 per cent in the second quarter to SKr28.7 bil (USD3 bil or SGD4.2 bil)”. In circulation too were news that H&M may close some stores throughout the world to concentrate on e-commerce. According to Business Insider, 170 stores under the group (which may include other labels such as COS) will be closed this year. However, nothing definitive has been announced about shuttering for good all outlets here.
Calls to the H&M office in Grange Road two days in a row went unanswered. At H&M stores, the staff is not sure what the status is. When asked, one member of the sales crew shot back indignantly, “Where did you hear that from?” Others meekly said, “We don’t know yet.” No one attempted to dispel the rumour, even when we told them that’s what we’ve been hearing. Instead, they seem to be telling us that it will happen, but they have not been told the date.
Perhaps it was a weekday, several of the H&M stores we visited were not busy. One teenager with a dress draped over her arm said she had not heard anything. “Please, please, please. H&M cannot close. There is nowhere I can buy cheap fashion. This is where I get my party clothes. Please, please, please. Don’t close.”
Photo: Zhao Xiangji