H&M accelerates store closures and brand consolidation amid competition from Chinese e-commerce

H&M has closed over 600 stores in four years, including the discontinuation of the Monki brand, as it struggles to compete with the rapid supply chains and pricing of Shein and Temu. The company is now pivoting toward a modernization strategy to address structural market share losses. It remains uncertain whether these operational changes will be sufficient to stabilize the firm's long-term competitive position.