By the end of 2020, HM opened 445 stores in 146 cities on the mainland of China, a huge number of stores, making China's rapid rise to become the fourth largest market for HM in the world, but also the future of the most promising consumer market. Therefore, in our people with "wallet vote", HM can be said to lose a lot of money.

In order to recoup its losses, and also to save the "fourth largest market", HM released a new statement on the 31st, changing its hard-line stance of insisting on a boycott in the past, and declaring that the company's long-term commitment to the Chinese market is "still strong", and that it wants to be "a responsible consumer. The company wants to be a "responsible purchaser.

The company also said that China is a very important market for them, and that they will work to regain the trust and confidence of Chinese consumers, colleagues and business partners.

Extended information:

HM closes about 20 stores in China

The latest news from the European media is that HM announced its first-quarter revenue figures on the same day on the 31st, with a pre-tax loss of 1.39 billion Swedish kronor (about 1.04 billion yuan). As a result of the loss, H&M CEO said, a conservative estimate of 2021 will be in the global net shutdown of 250 stores, and recently in China has closed 20 stores.

As we all know, in recent times, the HM brand because of a boycott of the use of "Chinese cotton" statement, plunged into the maelstrom of public opinion, not only by the people of our country spontaneously boycott, at the same time the major e-commerce platforms are also have to take down the HM online store. So in just a few days, HM sales quickly fell close to zero.