Swedish brand H&M Group to close Afound amid changing market trends

H&M Group constantly reviews initiatives, projects, and brand plans at large, adjusting priorities to secure economic viability and long-term resilience. When evaluating Afound’s current position, we don’t see enough demand, partly because brands increasingly choose to use their own channels for sales, to further strengthen their customer relationships. This has led to the difficult but necessary decision to discontinue Afound.

Afound will close later this autumn, the ongoing operations will be phased out during the coming months, and the team will be supported in continuing their career within or outside the group. Afound and the team have broken new ground for H&M Group, renewing off-price in a way that has served both customers and brands since the start in 2018 and the valuable insights and learnings generated during the journey will be captured and built on going forward.

Note: The content of this press release has not been edited by Fibre2Fashion staff.

ALCHEMPro News Desk (RM)