The fashion industry is facing challenges, with notable brands like H&M re-evaluating their strategies. H&M plans to close its Monki stores, merging the brand with Weekday to streamline operations and enhance competitiveness. This integration aims to maintain Monki’s vibrant identity while reaching a broader audience through Weekday’s platforms. The transition is expected to be completed by 2025, impacting employees, although specific job implications remain undisclosed. H&M seeks to adapt to changing consumer demands and trends in the market.
The Fashion Industry Faces New Challenges
The ready-to-wear fashion sector is undergoing significant upheaval, with prominent chains like Kookaï, Bayard, Minelli, and Esprit already closing their doors. In the latest development, the Swedish apparel giant H&M is also grappling with a remarkable crisis. This company, which encompasses a variety of brands including Arket, COS, Cheap Monday, Weekday, Monki, and H&M itself, is preparing to phase out one of its brands. After decades of leadership in the affordable fashion market, H&M is revising its approach.
Strategic Changes in the H&M Group
This strategic shift is driven by the necessity to adapt to evolving trends and consumer demands, as well as the economic hurdles the company has faced in recent years. Established in 1947 in Sweden, Hennes & Mauritz (H&M) has risen to become a major force in global fashion, employing over 100,000 individuals. However, despite its storied past and remarkable growth, the group is now making tough choices, including the impending closure of one of its iconic brands.
The H&M group has announced the closure of its Monki stores, a beloved brand among fashion enthusiasts worldwide. According to official statements, the decision is part of a strategy to limit Monki’s physical presence while gradually merging it with another brand within the group: Weekday. This initiative aims to streamline the brand offerings and enhance the group’s competitiveness in a challenging industry landscape. The ultimate goal is to unify these two brands into a single entity.
While Monki’s vibrant and socially conscious products will still be available, they will now be sold through the Weekday website and in its retail locations. This decision follows earlier discussions about merging Cheap Monday with Weekday, but it is Monki and Weekday that are set to undergo this transformation. H&M’s plan reflects a desire to reach a wider audience while simplifying its brand structure, ultimately aiming to engage a “creative generation” seeking innovative and culturally relevant fashion.
So, what does this merger mean for Monki? The integration of the two brands is anticipated to be completed by 2025, with Monki’s clothing and accessories transitioning to the Weekday.com e-commerce platform and being featured in Weekday’s brick-and-mortar stores. As reported by Fashion United, the unique identity of the Monki brand will be woven into the Weekday experience, enhancing the overall offering for customers.
Currently, there are 56 Monki stores in over 15 countries and online sales reaching 29 countries. This strategic move will certainly impact the employees associated with the brand. At this moment, the H&M group has not provided details regarding potential job cuts or the implications for its workforce. The group has only mentioned its awareness of the changes this may bring for its employees, indicating a “new exciting chapter.” Clearly, with this decision, H&M is committed to maintaining its status as a leading contender in the ready-to-wear market, striving to blend creativity, accessibility, and modernity.