The UNIQLO market in the Chinese Mainland experienced significant declines in both revenue and operating profit due to several factors: a high comparison base from the previous year, low consumer willingness, and unfavorable weather conditions that affected product demand.

Shein may also seek a dual listing in Hong Kong and London.

The group expects that in the second half of the 2024 fiscal year and for the full year, the business in the Greater China market is projected to achieve revenue growth and a slight increase in profit.

In the fiscal year 2023, business in mainland China regained vitality; however, Chinese consumers have become more discerning when it comes to products and prices.

In 2023, Inditex’s total store area is expected to grow by approximately 3%, and store optimization is currently underway.

According to a statement released by H&M, the new company is called Looper Textile, with H&M and Remondis each owning a 50% stake.