PARIS — Hennes & Mauritz AB said net profit fell 18 percent in the second quarter as a drop in consumer spending forced many fashion retailers to slash their prices — at a time when rising input costs are already pressuring margins.
During the three months ended May 31, net income fell to 5.75 billion Swedish kronor, or $917 million, from 7.04 billion kronor, or $960 million, during the same period in fiscal 2010. Dollar amounts are calculated at average exchange rates for the periods in question.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"