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ADIDAS AG

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Delayed Xetra  -  11:35 2022-08-12 am EDT
173.20 EUR   +0.69%
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H&M closes Shanghai flagship store, hurt by lockdowns and consumer backlash

06/24/2022 | 04:29am EDT
Woman walks past a closed H&M flagship store in Shanghai

SHANGHAI (Reuters) - H&M has shut its flagship Shanghai store, its latest closure in China where consumer demand has slumped amid COVID-19 lockdowns and the fast-fashion retailer has borne the brunt of a backlash against companies that refuse to use Xinjiang cotton.

Although it was open earlier this month, the three-storey building in downtown Shanghai was on Friday boarded up with its H&M signage gone.

The world's second-biggest fast-fashion retailer entered China in 2007 with the opening of the Shanghai flagship store and rapidly expanded. It had more than 500 stores in mainland China early last year but its website currently only lists 376, including the flagship Shanghai store.

The company declined to comment, citing a blackout period prior to its first-half earnings report on June 29.

Although nearly a month has passed since Shanghai lifted a strict two-month lockdown, consumers have yet to return to malls in significant numbers.

Chinese consumers have also beat a retreat from its products after a letter in which H&M expressed concerns about allegations of forced labour in the Xinjiang region came to light in 2021.

Other brands that publicly disavowed Xinjiang cotton such as Inditex's Zara, Nike and Adidas have also suffered with Chinese netizens calling for boycotts and Chinese celebrities refusing to work with them.

But the backlash against H&M, the first foreign retailer to express concerns, has been particularly harsh. Unlike other brands, its products remain unavailable on major Chinese e-commerce sites such as Tmall and JD.com.

UN experts and rights groups estimate over a million people, mainly Uyghurs and other Muslim minorities, have been detained in recent years in a vast system of camps in China's western Xinjiang region.

Many former inmates have said they were subject to ideological training and abuse in the camps. China denies all accusations of abuse.

(Reporting by Casey Hall; Editing by Miyoung Kim and Edwina Gibbs)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 0.69% 173.2 Delayed Quote.-31.60%
HENNES & MAURITZ AB 0.15% 133.2 Delayed Quote.-25.20%
INDITEX 0.00% 25.37 Delayed Quote.-11.08%
NIKE, INC. 1.73% 116.07 Delayed Quote.-30.36%
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Financials
Sales 2022 23 605 M 24 202 M 24 202 M
Net income 2022 1 303 M 1 336 M 1 336 M
Net cash 2022 95,6 M 98,0 M 98,0 M
P/E ratio 2022 25,0x
Yield 2022 1,82%
Capitalization 31 505 M 32 303 M 32 303 M
EV / Sales 2022 1,33x
EV / Sales 2023 1,23x
Nbr of Employees 60 661
Free-Float 89,5%
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Mean consensus OUTPERFORM
Number of Analysts 32
Last Close Price 173,20 €
Average target price 205,65 €
Spread / Average Target 18,7%
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Managers and Directors
Kasper Bo Rørsted Chairman-Management Board & CEO
Harm Ohlmeyer Senior Vice President-Brand Finance
Thomas Hermann Rabe Chairman-Supervisory Board
Andreas Hubert Group Chief Information Officer
Martin Shankland Head-Global Operations
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