H&M shutting down Cheap Monday brand
By Anna Ringstrom - Nov 28th 2018, 16:37
H&M, the world's second-biggest fashion retailer, said that it would close down its struggling independent brand, Cheap Monday.
In 2008, H&M bought Fabric Scandinavien, the owner of the Cheap Monday brand, whose trademark product is low-priced skinny jeans, and the store chains Weekday and Monki.
Cheap Monday products are sold mainly through about 3,000 resellers worldwide. They are also sold through its own online store, a flagship store in London and on Alibaba's online marketplace Tmall.
“Cheap Monday has a traditional wholesale business model, which is a model that has faced major challenges due to the shift in the industry,” H&M said in a statement.
“There has been a negative trend in Cheap Monday's sales and profits for a long time. The H&M group, therefore, intends to close down Cheap Monday.”
Fabric Scandinavien was H&M's first-ever acquisition. H&M has since then launched several independent chains such as & Other Stories and COS to broaden its customer base.
“We see very good opportunities and great potential for all of the other brands within New Business, which all are developing positively both digitally as well as through physical stores,” H&M said.
Its core H&M brand, which has struggled to adapt to the online shift in the industry, still accounts for the bulk of business.
H&M said it aimed to complete the closure of Cheap Monday, which affects about 80 employees, by the end of June 2019.Business Live
South Africans are spending less on their weekly shopping trip
23/05/2019 - 09:44
Tiger Brands, which carries brands including Koo canned foods, All Gold, and Tastic rice, said that revenue from continuing operations fell 2% to R15.4 billion in the interim period.
Bidcorp expects higher food inflation in SA
23/05/2019 - 09:16
Global food-services group Bidcorp expects rising food price inflation in SA, where food producers and retailers are grappling with higher costs and low selling price increases.
Tiger Brands reports lower sales in wake of the listeriosis crisis
22/05/2019 - 09:29
Tiger Brands, which was named as the culprit in the 2018 listeriosis outbreak, says sales in the six months to end-March edged lower because of a slump in processed-meat sales and weak revenues from outside SA.
Pick n Pay's partner Velokhaya expands to include feeding scheme for 200 children daily
21/05/2019 - 15:50
Almost 500 Pick n Pay Head Office employees – in partnership with Mellon Educate – volunteered their time and skills to build a kitchen and dining area at Velokhaya Life Cycling Academy in Khayelitsha last week. With this new facility, Velokhaya will launch a daily feeding scheme for around 200 children.
Nike and Adidas join 173 US shoe retailers in call to avoid ‘catastrophic’ tariffs
21/05/2019 - 12:23
Nike, Adidas, and other footwear giants urged President Donald Trump to reconsider his tariffs on shoes made in China, saying the policy would be “catastrophic for our consumers, our companies and the American economy as a whole”.