The fashion brand from Stockholm, Sweden, reportedly H&M decided to close all of their stores in England. Changes in fashion trends and customer behavior have forced the brand, which has been around for almost 66 years, to reorganize its business plan. A spokesperson for H&M UK & Ireland said amidst the unpredictable changes in behavior over the last few years, it was necessary to evaluate performance. This is because during September-November, H&M's turnover in the country was very thin due to soaring production and distribution costs.

"[In the situation] this means that sometimes we need to close shop," said a spokesperson who declined to be named, Sunday (29/1/2023).

H&M Chief Executive Officer (CEO) Helena Helmersson said that instead of passing on the full cost to customers, it chose to strengthen its market position first. In anticipation of losses due to soaring production and distribution costs, the fashion brand will continue to raise prices in several categories at various rates.

"This [way] is a very dynamic pricing strategy," he explains.

Of course the first quarter of this year will be very challenging. Even though the prices of some products were increased, Helmersson realized that this did not cover all the losses he received.

In line with this, several strategies have also been implemented, especially in dealing with the threat of recession and geopolitical conflicts such as between Russia and Ukraine. H&M management, he said, quickly decided to stop sales in the affected countries and then stop business in Russia and Belarus, in anticipation of even greater losses.

"Our decision to stop doing business in Russia, which is an important and profitable market, has had a significant negative impact on our results," he said.

On the other hand, ESMOD Jakarta Fashion Business Program Coordinator, Nathalia Gunarian, said some time ago that sustainable fashion is currently a trend in society.

Supported by the Brandwatch reset on December 22, 2022, throughout the past year, nearly 53 million people found searching for the words sustainability and fashion on the internet. Therefore, sustainable and ethical fashion, the trend will increase in 2023.

This research also shows that society is now more inclined towards slow fashion which is still under the umbrella of sustainable fashion. Slow fashion represents a conscious approach where consumers can buy fewer higher-quality items that also meet certain ethical standards, such as organically grown textiles, no animal testing, ethical manufacturing and fair working conditions.

Many consumers discuss how thrift and sustainability in fashion are hot topics today. However, not a few argue that the price of sustainable fashion products is much more expensive.

Nathalia said that sustainable fashion is usually made from used materials, or Upcycle, which doesn't just make clothes from used fabrics, but also makes them more efficient with unique designs. There is also zero waste, a concept that ensures that no material is left behind when making clothes.

“At least one of these methods is used, we have more or less echoed sustainable fashion. So in business or design, they are taught how they are responsible for what they make," he said.