Sales at Swedish fashion giant H&M in China have fallen sharply since a boycott campaign against the company was launched in the country. H&M was among several companies that expressed concern about alleged human rights abuses against Uighurs in Xinjiang province.
5% of H & M’s sales took place in China last year and China is one of the company’s largest suppliers.
The BBC reports.
H & M’s sales in China decreased by 23% in the second quarter of 2021 compared to the same period last year.
“What China regards the situation is still complicated,” said Helena Hel-mers-son manager H & M on the matter.
Despite the recession in China, the company, which is the second-largest fashion company in the world, announced a pre-tax profit of USD 420 million in the second quarter. In the same quarter last year, the company lost.