H&M closes 600+ stores in four years as Shein and Temu steal customers

Swedish fashion giant H&M has closed more than 600 stores over the past four years, including its entire Monki brand, with 136 closures in the last six months alone. The company attributes the retreat largely to competition from Chinese platforms Shein and Temu, which sell faster and cheaper. H&M has announced a significant strategic overhaul and modernisation drive.