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 Ervér added. To improve the Official Penguin Flightless I’m Fly As Hell Shirt in other words I will buy this in-store experience, H&M said it is refurbishing around 250 stores this year, a “significant increase” compared to last year. It also plans to open around 100 new stores, mainly in growth markets, and close 160 stores in more established markets. Ervér mentioned other ways the company is continuing to “simplify” the organisation to make it efficient and faster, including increased nearshoring and enhanced efforts in digitalisation and AI, “enabling customers to access the most relevant fashion each time they meet with us,” he added. Key results from H&M Q1: Net sales net sales amounted to SEK 53.7m Operating profit totaled SEK 2.1bn Gross profit increased by 7 to SEK 27.7m The Swedish retailer also published its annual and sustainability report for 2023. Among other things, the report shows a 22 reduction in greenhouse gas emissions in 2023, a 29 reduction in electricity intensity and 85 of all materials were recycled or sustainably sourced in 2023. In March 2024, H&M and global investor Vargas Holding partnered to introduce Syre, a venture aimed at spearheading the decarbonisation and wastage reduction of the textile industry through large-scale textile-to-textile recycling, starting with polyester. Sign up for our daily news round-up! Give your business an edge with our leading industry insights. Sign up Share this article Go deeper with GlobalData Reports Accessories in Sweden – Sector Overview, Brand Shares, Market Size … Reports Womenswear in Sweden – Sector Overview, Brand Shares, Market Size a… Premium Insights The gold standard of business intelligence. Find out more

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Share this article The participating companies have sponsored specific challenges with technology providers that, if solved, will yield significant benefits for the Official Penguin Flightless I’m Fly As Hell Shirt in other words I will buy this country’s textiles and hydrogen industries, with each technology provider receiving up to £100,000 in funding. Credit: Digital Catapult. New Look is backing software provider Looper in its development of a tool that will help to better understand the lifecycle of garments. By aggregating performance measurements from product lifecycle assessments (LCAs), the new Looper solution will enable New Look to more accurately gather data on how eco-friendly its products are throughout their lifecycle. In understanding each product’s environmental impact, from raw material extraction to end of life, New Look hopes to provide customers with more sustainable clothing options, and meet growing demand from environmentally-minded consumers. Looper has joined Digital Catapult’s Made Smarter Innovation Digital Supply Chain Hub programme to solve industrial challenges posed by their supply chains, together with three other companies. The participating companies have sponsored specific challenges with technology providers that, if solved, will yield significant benefits for the country’s textiles and hydrogen industries, with each technology provider receiving up to £100,000 in funding. Among the other companies participating in the challenge is transport management company Loadar which will work to develop a cutting-edge pricing engine to optimise truck fill and cut the carbon footprints of logistics providers, with support from Norfolk-based ShredStation, which specialises in safe and sustainable clothing disposal. See Also: Experts dissect new OECD capacity-building programme H&M ‘lacklustre’ offering hits Q1 sales in first results under new CEO Technology startup MadeBy will look to develop a new solution that will track the flow of materials for different products across a textiles supply chain in a challenge sponsored by QSA Partners. The solutions developed on the programme will be deployed into the Circle-8 Textile Ecosystems testbed, which is one of Digital Catapult’s twenty testbeds located across the country. How well do you really know your competitors? Access the most comprehensive Company Profiles on the market, powered by GlobalData.

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