H&M Group has announced the closure of its online fashion outlet, Afound, this autumn due to insufficient demand. The platform, which offered discounted prices on both past and current collections from a variety of fashion and lifestyle brands, including those within the H&M Group, will cease operations in the coming months.
In a statement, H&M Group explained, “H&M Group consistently evaluates its initiatives, projects, and brand strategies to ensure economic viability and long-term sustainability. Upon reviewing Afound’s performance, it has become clear that demand is not sufficient. This is partly due to an increasing trend of brands opting to utilize their own sales channels to enhance customer relationships. As a result, we have made the difficult but necessary decision to close Afound.”
As the outlet’s operations are phased out, H&M Group will provide support to the affected team members, assisting them in finding new career opportunities either within the company or elsewhere.
The statement further noted, “Afound has made significant contributions to H&M Group by innovating in the off-price sector, benefiting both customers and brands since its inception in 2018. The insights and lessons learned from this venture will be valuable as we move forward and will inform future strategies.”
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