H&M’s Latest Quarterly Profits Drop By 20%
A larger than expected dip for the conglomerate.
Chief executive officer Karl-Johan Persson said that “The rapid changes in the fashion industry are continuing and the H&M group is in an exciting transitional period. Our transformation work has contributed to a gradual improvement in sales development with increased market share in most markets during the third quarter.” As a result of this drop, H&M’s shares have lost just under 60% of their value.
In other news, Lacoste received a youthful revival for its SS19 collection.