H&M to Close Online Fashion Outlet Afound
By Dominic Chopping
STOCKHOLM--H&M will shut down its online fashion outlet Afound later this year as it struggles with weak demand.
The Swedish fashion retailer launched Afound in 2018 as a discount store selling a variety of brands both in-store and online, before later focusing only on its digital stores. It has an online presence in Sweden, the Netherlands, Germany, Austria, Denmark, Norway and Finland.
"When evaluating Afound's current position, we don't see enough demand, partly because brands increasingly choose to use their own channels for sales, to further strengthen their customer relationships," H&M said Wednesday.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
August 21, 2024 08:48 ET (12:48 GMT)
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