On the heels of its disappointing Q4 sales and talk of additional store closings, H&M announced that it will extend its collaboration with Alibaba Group. Specifically, H&M is slated to launch on Alibaba’s Tmall, described by an H&M spokesperson as “the world’s largest e-commerce platform” in spring 2018.
The spokesperson said that one of H&M’s brands, Monki, has already had “strong development in China” since its Tmall introduction — and the collaboration on the platform will now expand to add both H&M’s fashion apparel brand and H&M Home.
The spokesperson added that there are presently also “far advanced” discussions in the works regarding the launch of the rest of the brands in H&M’s portfolio on Tmall.
“As one of the world’s most innovative fashion companies, H&M is a perfect fit for Alibaba’s Tmall platform,” said Michael Evans, president of Alibaba Group. “We are honored to expand our cooperation with H&M and host their flagship store, enabling H&M brands to engage with our half a billion consumers.”
Karl-Johan Persson, CEO of the H&M group, said the deepened collaboration was an ideal move. “We are very happy to be able to make H&M even more accessible in mainland China,” he said. “Tmall is an important complement to our existing physical and digital stores. We see great potential for substantial future growth, and Tmall will be an important part of this.”
The H&M spokesperson said the retailer opened its first store in mainland China a decade ago, and that today, H&M’s revenues in the country amount to the equivalent of about $1.3 billion.
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