Cheap Monday brand proves too expensive for H&M
H&M bought Fabric Scandinavien in 2008, the owner of the Cheap Monday brand whose trademark product is low-priced skinny jeans
Stockholm — H&M, the world's second-biggest fashion retailer, said on Tuesday that it would close down its struggling independent brand, Cheap Monday. In 2008, H&M bought Fabric Scandinavien, the owner of the Cheap Monday brand, whose trademark product is low-priced skinny jeans, and the store chains Weekday and Monki. Cheap Monday products are sold mainly through about 3,000 resellers world-wide. They are also sold through its own online store, a flagship store in London and on Alibaba's online marketplace Tmall. “Cheap Monday has a traditional wholesale business model, which is a model that has faced major challenges due to the shift in the industry,” H&M said in a statement. “There has been a negative trend in Cheap Monday's sales and profits for a long time. The H&M group therefore intends to close down Cheap Monday.” Fabric Scandinavien was H&M's first-ever acquisition. H&M has since then launched several independent chains such as & Other Stories and COS to broaden its custome...
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