THE WHAT? Fast-fashion retailer H&M is diversifying its portfolio beyond clothing. In response to stagnant sales, the company is expanding into beauty products and housewares and offering products from third-party brands. Concurrently, H&M is closing many standalone clothing stores while promoting other brands, such as Cos and Weekday.
THE DETAILS? H&M has increased the number of its home goods stores from 11 pre-pandemic to 32, supplementing these with home sections in 399 of its existing stores. The company has also entered the beauty market with two H&M Beauty stores in Norway and an online presence for the product line in several countries. Additionally, H&M now sells products from over 70 other brands, including Adidas and New Balance, in its stores and online.
THE WHY? H&M’s sales growth has plateaued in recent years due to excess inventory, the impact of the Covid-19 pandemic, and stiff competition from online fashion retailers such as Shein. The company lost some of its appeal with young female consumers, which led to a loss of market share against competitors. Diversifying its offerings is part of H&M’s strategy to adapt to market changes, recapture its core audience, and improve sales performance.
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