Based on recent market trends, the start of Q3 appears to be a continuation of the softness observed in May and June for the fashion industry, as prolonged macroeconomic and tariff-related uncertainty continues to weigh on consumer spending. This environment has prompted a wait-and-see approach amo
While still showing a contraction YoY, Q2 margins improved sequentially versus Q1, lending more credibility to the company’s guidance for a positive inflexion point expected in H2 2025. However, H&M remains particularly sensitive to fluid external factors such as promotional activity, freight c
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