长沙又撤店？全球巨头，卷成前浪

Core Insights - H&M is reportedly closing stores in Changsha, indicating a broader trend of contraction among international fast fashion brands in China [1][3][5] - The number of H&M stores in China has decreased from over 500 at its peak to less than 300, reflecting the challenges faced by international fast fashion brands [3][5][6] - H&M's recent financial report shows a 3% year-on-year increase in same-store sales for Q2 of fiscal year 2025, suggesting some recovery in major markets [7][8] Company Strategy - H&M is focusing on restructuring its retail network in China, closing underperforming stores while upgrading remaining locations [8][10] - The company is shifting from blind expansion to a more selective approach, aiming to enhance profitability by optimizing store locations [8][10] - Recent upgrades include flagship stores in key urban areas, with plans to create immersive shopping experiences [10][12] Industry Context - The fast fashion market in China has become increasingly competitive, with local brands rising and international brands struggling [5][6][12] - Other fast fashion brands, such as Zara and Uniqlo, are also reducing their presence in China, indicating a sector-wide trend [6] - The impact of e-commerce and domestic trends has made it difficult for international fast fashion brands to keep pace, leading to strategic adjustments [12]