H&M will roll out a line of recycled cotton jeans and offer an annual prize of $1.16 million for the best new clothing recycling techniques, said CEO Karl-Johan Persson. It's the latest sustainability move in the fast-fashion world, where brands are concerned with lessening their environmental impact and coping with looming cotton shortages.
H&M is reportedly developing a new brand that could launch by 2017 and that will be "completely different" than its flagship store, says CEO Karl-Johan Persson. The retailer's last new concept, & Other Stories, debuted in 2013.
Hennes & Mauritz will continue to invest in new stores, e-commerce expansion, developing new concepts and sustainability efforts including buying pricier organic cotton, despite missing the mark on first-quarter profit forecasts, said CEO Karl-Johan Persson.
Stockholm-based fast-fashion retailer H&M plans to open 350 new stores this year, mostly in the US and China, and it will expand its online retail efforts to more countries next year, said CEO Karl-Johan Persson. The company will launch online sales in the US in August.
Karl-Johan Persson will succeed Rolf Eriksen as CEO of H&M as Eriksen retires. Persson, a member of the founding family, oversees expansion and business development, along with brands and new business.