H&M revenue declines as consumer demand for fast fashion wavers

H&M has been losing ground to Zara owner Inditex, which on Wednesday reported a 15% rise in local-currency sales

H&M has been vulnerable to competition from the likes of Inditex and upstart Shein, which has been grabbing market share with cut-price offerings.

Fashion retailer H&M on Friday reported a 4% drop in September-November sales measured in local currencies, larger than the 3% fall forecast by analysts as the company aims to prioritise profitability.

The decline is the biggest since the third quarter of 2022.