Famous Brands Say Goodbye to China! H&M, Zara, Gap…Withdraw From the Chinese Market

A key example is H&M, the fast-fashion giant from Sweden, which officially closed its store located in Sanlitun Taikooli, Beijing, on June 11, 2023. The reason behind the closure was the end of the lease agreement, and this store was one of H&M’s largest in China. On the eve of its closure, the store was eerily quiet, with signage on the merchandise shelves insinuating, “Goodbye is only for a better reunion.“ At the beginning of 2023, Zara closed its first store in China, symbolizing a significant contraction of its business in the country. Several Zara stores had already withdrawn from China the previous year. The American brand Gap also closed several stores in China and sold its China business to Baozun E-commerce for $40 million last November. #HM #zara #Gap #chinaeconomy #chinaobserver All rights reserved.