Recently, news broke that H&M will close its flagship store in central Hong Kong in February.
Now an H&M spokesperson confirmed to Di that another store will close when the lease expires in February - meaning the chain will only have one store left in the city.
Malte Karstan, a consultant based in Singapore, points out that e-commerce companies Shein and Temu are growing globally while older players such as H&M and Spanish Inditex (owner of Zara, among others) are under pressure.
“Shein doesn't challenge fast fashion; it replaces it,” Malte Karstan told Di.
