The Sweden-based fashion retailer is selling its ribbed crop tops for $1.70 — a 70% markdown form its usual $4.99 price tag.
, recently raised $2 billion in its most recent fundraising round.
Meanwhile, H&M has been in cost-cutting mode in recent years, closing a total of 303 stores across its brands in the year through May 31. H&M has drastically reduced prices on crop tops in hopes of competing with Chinese fast fashion retailer Shein.H&M increased sales in many markets despite a squeeze on consumers’ spending ability and “unfavorable” weather, CEO Helena Helmersson said, adding that its summer collection had got off to a good start as temperatures rose across northern Europe.
The H&M womenswear collection, as well as strong performance from the Cos and Arket brands, drove the boost in sales, Helmersson said.
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