ACCT11059 - ASS#01 - Step 3

(Frostick. J. 30 May 2019. H&M Brisbane City. [Photograph]. The Weekend Edition.https://theweekendedition.com.au/stumble-guide/hm-brisbane-city/)

When I first looked at my company on the assigned company spreadsheet i had no idea what it was as it was labelled ''Hennes & Mauritz'', so i clicked on the website link and it took me to the H&M website. This would be my first education about the brand i commonly know as H&M.

Scanning through their annual reports from as far back as 2017 i had no idea they were so serious about sustainability and climate change. With so many fast fashion brands around that have no sustainability plans in sight, its refreshing to see such a big fashion brand thinking about the future whilst still keeping their brand accessible to most.

As far as their numbers go, it looks like they were on the up & up until 2020, like so many other companies. Due to COVID H&M had to shut 4000 of its 5000 stores globally which evidently saw a significant drop in their sales. However by the fourth quarter of 2020 their online sales were up 50%. I think we can all be glad that if COVID had to happen that at least it happened in the generation of everything being accessible online otherwise i fear we may have experienced several businesses large and small shutting their doors for good.

H&M seems to be very invested in current global issues and by the looks of their annual reports alone are very committed to changing the way their company sources its materials and hopefully pave the way for fast fashion companies in general to follow suit. I'm excited to keep reading and learning about H&M and looking a lot deeper into their financials for Step 4.

Thanks for reading! 👗