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After getting the “it’s not you—wait, it is” from consumers for over four years, H&M has finally reignited the passion with its fanbase. The fast fashion retailer's shares hit their highest point in nearly two years last quarter.
H&M reported that Q3 net profit rose 25% to $391 million and sales increased 12% to $6.4 billion.
Love yourself first. Tweaks to H&M’s ops made the company feel better on the inside.
- H&M reduced the total number of items it produced, allowing it to keep more items off the sale rack.
- A new loyalty program and investments in tech helped boost its online presence.
- The clothes are just better. Customers were particularly excited about H&M’s summer and pre-fall collections, the company said. And more they'll love are on the way: the lookbook for its next highly anticipated designer collab just dropped.
Zoom out: The fast-fashion brands succeeding right now are those with nimble e-commerce operations and a pulse on their customers’ favorite styles. The ones that aren’t are Forever 21.