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H&M, Ikea among Europe’s strongest brands

Swedish clothing retailer Hennes & Mauritz (H&M) tops a new list of Europe’s strongest brands.

Published: 10 April 2008 17:58 CEST

Furniture giant Ikea, comes in third place, just behind French retail chain Carrefour, according to a new ranking compiled by branding consultancy Interbrand.

“Retail brands have the ultimate opportunity to create a chain of brand experiences through their environments, service standards as well as products and services. Our study shows the real value of getting this right for the business and the brand,” said Interbrand CEO Jez Frampton in a statement.

Interbrand valued H&M’s brand at €10.37 billion ($16.33 billion), with Carrefour’s brand carrying an estimated value of €6.62 billion.

Rounding out the top five in the list of Europe’s Top Performing Retail Brands are Ikea (€6.52 billion), the UK’s Tesco (€5.62 billion), and Marks & Spencer (€5.10 billion).

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.

Published: 29 September 2022 12:38 CEST
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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