6 months ago
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Last week, major mass fashion brands like Nike and H&M stumbled amid stiff competition from newer rivals. Don’t forget to subscribe to the Glossy Podcast for interviews with fashion industry leaders and Week in Review episodes, and the Glossy Beauty Podcast for interviews from the beauty industry. –Danny Parisi, sr. fashion reporter
Old vs. new
Two mass fashion giants, H&M and Nike, reported lowered earnings last week thanks to increased competition from newer upstarts. Both companies are titans in their field, Nike in sportswear and H&M in affordable fast fashion. But both are also now challenged by newer entrants into their respective markets.
For H&M, the obvious challenger is Shein, whose low prices and fast direct shipping have undercut retailers and apparel brands selling in that lower price bracket. In earnings reported on Thursday, H&M said that its revenue is likely to fall 6% this year compared to last year. After the news came out, shares fell by 14%, the biggest single-day decline the company has seen in decades.
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English (US) ·