H&M Ion Orchard outlet to close on March 12; no clearance sale
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Opened in 2012, the store’s last day of operations is on March 12.
ST PHOTO: FELINE LIM
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SINGAPORE - H&M’ s two-storey Ion Orchard outlet is closing in March, after a run of more than a decade.
Opened in 2012, the store’s last day of operations is on March 12, according to a Facebook post by the Swedish fast-fashion brand last Friday.
The post added: “But don’t worry. We will meet in other places.”
When contacted, a H&M spokesman said the company is stepping up its digitalisation processes in response to evolving customer needs in the fashion industry.
This involves integrating its physical and digital shopping channels.
He said: “While our shift in focus means that we will close our store at Ion Orchard, our physical stores remain incredibly important. We continue to believe in Singapore as a key market.”
There will also be no clearance sale at the Ion Orchard outlet ahead of its March closure, he added.
The spokesman revealed that its flagship store at Orchard Building in Somerset would be revamped this year.
H&M entered the Republic in 2011 with the Somerset store.
It currently has nine outlets in Singapore, having shuttered two stores in recent years.
H&M’s Tampines Mall outlet was shut in August 2020, while its Waterway Point outlet in Punggol closed in January 2021.
The world’s No. 2 fashion retailer – behind Inditex, which owns Zara – has had a spate of closures in Europe, spurred by factors such as the Ukraine-Russia conflict
According to media reports, one in five of its British-based stores had shut in the past few years, with four more earmarked to close this year due to “a rapid change in customer behaviour”.
In October 2020, the retailer said it planned to cut 250 of its stores globally. As at Nov 30, 2022, it had 4,465 outlets worldwide.
Luxury brands have weathered factors such as the Ukraine-Russia conflict
While H&M saw its net profit fall 68 per cent from 2021 to 3.6 billion Swedish kronor (S$450 million), French multinational LVMH - which owns brands including Tiffany & Co, Christian Dior and Sephora – had a record year in 2022, raking in a 23 per cent jump to hit €79.2 billion (S$112.9 billion) in 2022.
