H&M closes 136 stores in six months as Shein, Temu pressure mounts

H&M has closed 136 stores in the last six months, with over 600 closures since 2022, citing price pressure and market shifts driven by fast-fashion rivals Shein and Temu. The closures reflect structural competitive pressure on traditional retailers from Chinese e-commerce platforms, though the financial impact on H&M's overall performance remains unclear.