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H&M

Japanese icon to design H&M’s autumn collection

Swedish cheap'n chic clothing chain H&M said on Thursday the Japanese founder of the Comme des Garcons fashion house, Rei Kawakubo, would guest design its autumn collection.

“Rei Kawakubo has been at the top of our wish list for a long time and we are thrilled that she has chosen to collaborate with us,” H&M creative advisor Margareta van den Bosch said in a statement.

The Swedish retail giant said the launch of the collection would take place at the opening of H&M’s second store in Tokyo at the beginning of November, and that the designer’s creations would go on sale at its more than 1,500 other outlets around the world a few days later.

Since 2004, H&M has invited famous designers such as Karl Lagerfeld, Stella McCartney and Roberto Cavalli to design limited, high-end collections that have been sold at relatively low prices at its stores.

“I have always been interested in the balance between creation and business … It is a fascinating challenge to work with H&M since it is a chance to take the dilemma to its extreme, and try to solve it,” Kawakubo, who created Comme des Garcons in 1973, said in the statement.

BUSINESS

Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.

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