告别激进？H&M中国战略变了

Core Viewpoint - H&M is undergoing a strategic transformation in the Chinese market, shifting from aggressive expansion to refined operations, focusing on store network restructuring, channel layout, and localization to find effective growth paths in a highly competitive fashion retail market [1][3]. Financial Performance - H&M reported a 3% year-on-year increase in same-store net sales for Q2 of FY2025, indicating a recovery in global major markets [1]. - The group's net sales for the first half of FY2025 grew by 1% year-on-year, contrasting with a 0.6% decline in sales for FY2024 [1]. - Following the financial report, H&M's stock price surged by 7%, reaching a 15-month high since March 2024 [2]. Strategic Adjustments - H&M is focusing on the Chinese market as a key battleground for its strategic adjustments, emphasizing brand rejuvenation and optimizing store layouts by closing underperforming stores while upgrading remaining ones [3][4]. - The company plans to accelerate the opening of flagship stores, with significant renovations and new concepts aimed at creating immersive shopping experiences [3][4]. Market Position and Challenges - H&M is gradually moving away from traditional fast fashion labels towards a strategy that emphasizes strong operations and less expansion, in response to increasing competition from local brands and a decline in market share [4][5]. - The company has acknowledged challenges in the external environment, including rising consumer price sensitivity and the need for cost control and product value [5]. Local Adaptation - H&M has established a "China Design Center" to engage local designers and incorporate Chinese aesthetics into its product offerings, with plans for 60% of new products in 2025 to use materials from Chinese intangible cultural heritage [5].