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Fast fashion brand H&M can not wait to become a department store

Fast fashion brand H&M can not wait to become a department store

[Abstract]:
H&M intends to take the initiative in the competition of “the world's number one fashion shopping destination”. In 2014, H&M focused
H&M intends to take the initiative in the competition of “the world's number one fashion shopping destination”. In 2014, H&M focused on the brand new sports series and expanded footwear collections when the sport was popular – it added more leather shoes and the price was higher. There are also home series. Since Zara opened Zara Home, like the luxury brand, home series has become a new hot spot for fast fashion.
H&M has no longer wanted to provide fashionable clothes to people who care about prices.
It also wants to retell a story.
In June 2015, at the opening of the H&M Macau store, Magnus Olsson, the 12-year-old son of H&M Greater China, dressed in H&M's T-shirt, waved his hands in crowds to serve as a DJ to create atmosphere. For him, wearing H&M means being closer to star David Beckham and cooler in the buddies.
To the splendor of David Beckham, people lined up outside the store. Following the collaboration with H&M to design the underwear collection two years ago, David Beckham, the most valuable super-milk dad currently, has chosen a new recommendation series from H&M Menswear and placed it in the most prominent location of the store.
Looking at this cooperation that has lasted for two years now is a bit difficult to get excited again. But it can indeed imagine H&M's ambitions a little bigger. It recently proposed a radical new goal - to become the world's number one fashion shopping destination. "That means that customers see H&M as the only choice for fashion retailers," said Magnus Olsson. It can be easily understood that H&M wants to be more fashionable than Zara and even more accessible than UNIQLO—in fact, UNIQLO has also made it the first goal.
The Swedish brand H&M, known for selling "parity fashion", has expanded rapidly worldwide in the past two years. This year it plans to add another 400 stores based on 3511 stores to enter emerging markets such as South Africa and India. Last year, H&M added 379 new stores, surpassing rivals Zara and Uniqlo, becoming the most ambitious fast fashion brand. H&M sales rose 18% in the previous year, exceeding 7% of rival Zara – it has increasingly become the center of fast fashion topics.
To achieve this first goal, H&M must first make itself look more like the trend.
A 6-inch "balloon dog" replica limited edition bag that H&M and Jeff Koons launched.
In this preview preview of H&M's Paris Fashion Show this year, H&M's new collection has more expensive fabrics such as furs and more tailored versions. Since 2013, H&M has been the only fast-fashion brand to enter the Paris Fashion Week with its first-line brands, and has begun to sell catwalk models at designated stores in the global market including China. The impression that H&M left on people about daily basics is diluted, and it is becoming more modern.
Compared with the relatively silent Zara, H&M understands more about luxury brands and shapes their position in the fashion circle. Since 2004, H&M has been launching designer collaboration series one to three times a year. On its glorious list of designers, there are no shortages of such names as Karl Lagerfled, Versace, and Jimmy Choo. There are also such hot stars as Alexander Wang. This approach makes H&M look closer to big brands and attracts some high-end consumers. The fashion cycle has become shorter and shorter, and H&M has also been able to find inspiration from big brands faster.
H&M is not satisfied with such practices. It is trying to cross the border art community, just as Marc Jacobs and Murakami Takashi, LV and Richard Prince had previously worked together. In the summer of 2014, H&M partnered with Jeff Koons to launch a 6-inch “balloon dog” replica limited edition bag, priced at US$49.5. Koons is currently one of the most expensive living artists in the world.
H&M also invited Koons to design a new store on Fifth Avenue and 48th Street in New York, decorated with a feeling of a museum. The poster reads “Fashion loves art”. This may not quickly increase profits, but it also conveys some information - the combination of fashion and art, is no longer limited to the scope of luxury goods.
It also tries to win over young designers. H&M has been looking for new designers at the St Martin Centre in London and the Parsons School of Art in New York since 2012. Winning in 2015 was Ximon Lee, of Chinese nationality. H&M held a fashion show for him during Stockholm Fashion Week and successfully attracted the attention of the media and critics. Because of H&M's huge sales network, this short-established designer award received a lot of attention. In the coming year, Ximon Lee not only has to set up his own brand, but also collaborates with H&M to create other complex series.
“They are trying to reduce H&M's fast-fashion and mass-market feelings and feel more like an independent designer brand,” said Daniel Lucht, an analyst at research firm ResearchFarm, a consumer goods market forecaster.
But before that, H&M must become truly within reach. As a retail giant, there is a golden rule - whenever and wherever customers want to buy, they should be allowed to buy it. In order to achieve this goal in their own responsible market, Olsson has been studying the development characteristics of Chinese cities. “Over the past seven years, we have considered how to open more stores in China as our focus of work,” he told CBN Weekly.
In 2014, the Chinese market has become the most important and fastest growing market for H&M with a growth rate of 34.6%. Olsson, who has worked in H&M's different markets for 20 years, believes that China's big cities have many similarities with international cities such as Berlin, London, and New York. “This is very beneficial to us,” Olsson said. “But when H&M is expanding, The emphasis is still on fashion and design."
This is particularly evident in 2015. In Macao, a new opened store of 1,765 square meters, a white display rack and a display wall designed as a mirror attracted people's attention. Footwear occupies more space, and H&M has carefully arranged the dressing mirror and sofa there for the first time. A pair of high-heeled high-heeled shoes, like an artwork, was placed high on the crystal base of the black frame display stand. The large-area stores and more careful display design are the common features of the brand's new stores.
H&M's home products and clothing collections are updated simultaneously and designed by dedicated designers like the latter.
The world’s largest flagship store opened in New York’s Pioneer Plaza in May this year can also be seen as a concentrated expression of H&M’s strategy. This is the 13th H&M store in New York City. It has a store area of ​​nearly 6,000 square meters and has 40 dressing rooms, just like a huge warehouse.
Surprisingly, besides the scale of the store, there are also H&M's all-concept stores. This means that it carries all the collections of the collections, and even the series of underwear, even in the form of a “shop-in-shop,” is Like a department store.
In the past few years, H&M has renewed its record of “the world’s largest flagship store” in succession. After H&M’s largest global store was also located in Manhattan, New York, it was a 5,300-square-meter flagship store located on Fifth Avenue. H&M is trying to turn itself into a spectacle: take irresistible reasons and let people go to the store.
“You have to use visual effects to make customers feel excited,” Daniel Kulle, president of H&M North America, said at the opening of the store. “People are social animals and they want to see, feel and touch real things.”
Bigger does not always mean better. The American fast fashion brand Forever 21 is an example. It had prematurely expanded to major cities such as New York before it had enough time to prepare sufficient supplies to increase single-store output, resulting in sales losses. H&M has not encountered similar difficulties for the time being. Because it has a series of product lines - in addition to women's, men's, children's clothing, as well as large-size products, shoes, home and beauty series. Now, European retailers are using accessories and other categories of sales to compensate for the slow growth of clothing. Ruiou Consulting predicts that by 2017, sales of bags and jewellery will increase by more than 13% to US$18.7 billion, which is about twice the growth in apparel sales.
H&M intends to take the initiative in the competition of “the world's number one fashion shopping destination”. In 2014, H&M focused on the brand new sports series and expanded footwear collections when the sport was popular – it added more leather shoes and the price was higher. There are also home series. Since Zara opened Zara Home, like the luxury brand, home series has become a new hot spot for fast fashion.
In the newly opened store in 2015, H&M increased the display space for footwear.
Unlike Zara Home, H&M does not open a separate home store, but instead creates a separate area as part of the flagship store, allowing rapid expansion at a lower cost. In less than a year, H&M Home has entered 11 stores in China. “H&M is a destination where people have a sleek, one-stop shopping option,” said Olsson. H&M's home products and apparel collections are updated simultaneously, and the latter is designed by dedicated designers to incorporate the latest trends.