H&M shutters over 600 stores in 4 years and kills off Monki brand

Swedish fashion giant H&M has closed more than 600 stores over the past four years, including 136 in the last six months alone, and is scrapping its entire Monki brand. The culprit is fierce competition from cheap Chinese platforms Shein and Temu, which sell faster and cheaper. H&M has announced a major strategic overhaul in response.