H&M to close its Champs-Elysées flagship store in Paris

PARIS H&M plans to close its Paris flagship on Champs-Élysées avenue as part of an ongoing plan to adapt its retail network in the wake of the coronavirus pandemic.

The 30,000-square-foot store opened in October 2010 after a five-year legal battle with Paris The town hall, which opposed the arrival of fast-fashion brands on the famous avenue. News of the closure was first reported by French news agency AFP.

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Last year, the Swedish fast-fashion giant announced changes to its 5,000 store network, with 350 store closings and 100 openings in 2021. In a statement, H&M France has not given a timetable for the closure of the Champs-Elysées. He said he had started consultations with unions and planned to offer jobs in his other stores to affected workers.

“The H&M Group is currently going through a transformation globally where we continue to adapt to meet growing customer expectations and to ensure we have the right stores in the right places, ”he said.

The fashion retail trade in Paris continues to suffer from the cumulative effects of a sector-wide structural crisis due to the rise of e-commerce, accentuated during the pandemic, and a lack of foot traffic, tourists remain largely absent and the inhabitants working intelligently.

The news comes as staff at an H&M warehouse in Le Bourget, the retailer’s only French logistics site, staked out protest against plans to close the location, which would impact more than 150 jobs.

Last September, H&M reported a 158% year-over-year jump in third-quarter profits, bringing the group’s net profit to SEK 8.3 billion, or $ 946.9 million, for the first nine month of fiscal year 2021.

SEE ALSO:

H&M sees 158% gain in net profits in third quarter

H&M Group announces 14% increase in third quarter sales in local currencies

H&M reports strong recovery despite falling first half profits

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