H&M ramps up tech investment as it bounces back from Covid
H&M, the world's second biggest clothing retailer, is set to double investments in 2022 to $1.1 billion as it looks to significantly grow sales by 2030.
Spending will focus on areas including technology, supply chain, renewable energy and sustainable materials.
H&M says that recent initiatives in technology and in making its supply chain more efficient mitigated the Covid related effects of disruptions in supply chain.
"We ended the year strongly, with sales back at the same level as before the Covid pandemic and with profitability better than it has been for several years," says CEO Helena Helmersson.
"Now that we are back to a more normalised situation with a strong financial position and good profitability, we can fully focus on growth again."
In to the metaverse
Earlier this month, H&M opened a virtual store in Ceek City and became the first clothing location in the metaverse.
Ethereum-based project Ceek announced on Twitter: “Shopping in the metaverse with $CEEK Concept VR store presented to H&M by CEEK creates mainstream use cases for $CEEK + scaling virtual reality beyond games.”
Customers can walk through the store, choose the products they want and buy them in the Ceek City universe.
They will also have the opportunity to later order the products at physical H&M stores with Ceek currency.
