One of the biggest fashion retailers in the world has suffered a steep decline in profits. As the fashion industry continues to take a hit in sales due to e-commerce and the internet, H&M is now a new victim of the increase in online shopping. According to CNN Money, H&M’s profits have declined 20% and its stock dipped 5% on Thursday, 9/28/17. H&M CEO Karla-Johan said in regards to the news, “The competitive landscape is being redrawn, new players are coming in and customers’ behavior and expectations are changing.” H&M has some work to do, as competition only seems to be increasing due to the rise in popularity of stores like Uniqlo, Zara, and ASOS.
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