H&M has “paid the price for being late to the party online” this year seeing its full year sales drop nearly 20 per cent.
According to GlobalData’s retail analyst Emily Salter, H&M’s failure to invest in its online operations has left it lagging behind rivals whose ecommerce sales have been able to offset in-store sales declines due to lockdown closures.
It comes after H&M’s fourth quarter results revealed a 15 per cent sales decline to £4.68 billion, following another 18.7 per cent sales dip in the previous quarter.
