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The leadership change came as H&M said sales for December and January fell by 4% compared to the previous year, a bad sign for the key Christmas shopping period. The world's second-biggest listed fashion retailer after Inditex, H&M has struggled to compete with Zara and low-priced fast fashion giant Shein, both of which have seen strong sales growth.
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The new boss of H&M faces a thorny dilemma: increase prices and lose more ground to budget online fast-fashion rival Shein, or cut prices and risk profit margins falling short of target. Daniel Ervér, 42, took the reins at H&M on Wednesday after Helena Helmersson quit in a surprise announcement that sent the company's shares down more than 10%. At the same time, H&M said sales continued to fall over the key holiday trading months of December and January, raising questions about how much revenue the retailer is sacrificing in pursuit of a higher profit margin.
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Discover the implications of H&M CEO's resignation amidst a sales decline and its impact on the fashion retailer. Stay informed with the latest news and analysis on the industry.