Swedish H&M Group’s sales dropped by 60% YoY (year-over-year) in the UK from March 1 to May 6 because ofthe COVID-19 pandemic. In this article, you can find more information about the H&M sales and merchant account providers UK.
H&M Sales Dropped During the Pandemic Crisis
Did you know that the UK is 3rd largest market in terms of H&M Group sales, coming after Germany and the US? H&M is Sweden’s fashion icon and the 2ndlargest clothing retailer in the world.
H&M witnessed a 46% dip in sales in March.Now, the group is reopening its stores in some markets. However, 60% of the group’s 5.061 stores haven’t yet reopened their doors.
Currently, many retail companies are offering big discounts, and H&M is among them with its discounts on ladies’and kids’ fashion, menswear and homeware. The group is launching the websites of several of its brands in 9 new markets in Europe this month.
Keep Your Business Afloat: Merchant Account Providers UK
As you know, online food sales have been surging during the pandemic crisis, which can’t be said about a number of other non-essential areas, such as clothing. What about your own business? Have you been able to keep it afloat?
One thing is sure: working with a reliable payment processor or merchant-funding provider is vital. To compare the merchant account providers UK, work with a trustworthy comparison expert in the country. Make sure the comparison specialist pays exceptional attention to the integration process, as well as to terms and complaints.
Also, see whether the comparison company reviews contracts, rates, and fees so you can be sure to enjoy the best deal for your financial wants and needs. In addition, make sure the comparison expert scores major review and complaints sites so you can get the most unbiased snapshot of companies at the time of writing.
So, the 2nd largest fashion retailer in the world,H&M, has seen a sharp decline in sales since the start of March, compared with 2019. The COVID-19 outbreak and lockdown forced the group to shut the majority of its stores.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you with merchant account providers UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.