BERLIN/STOCKHOLM: When H&M boosted its shares last month by reporting a rise in the sale of full-price garments, it wasn't just a tribute to the fashion sense of its designers. It was a sign that backroom improvements are at last paying off.
In the age of social media, fashion companies have less power to drive trends, which come and go much more quickly as influencers promote their"outfit of the day" on Instagram. Danske Bank analyst Daniel Schmidt said a small increase in gross margin and management promises of smaller markdowns for a third straight quarter suggests H&M's profits have finally hit bottom.H&M Chief Executive Karl-Johan Persson said last month investment in AI was already helping predict trends and allocate garments to stores:"Over time, this will mean a lot of improvements.
He cited the example of a maths model which showed mass market demand peaks when an influencer trend is going down. One designer he showed it to said having such data would have helped her stand up to buyers who jumped on a trend too late."She had the gut feeling, so us amplifying that would help her to take the right decision and overrule the buyers," he said.
The club, which doubled membership to 30 million in 2018, is in 16 of the H&M brand’s 71 markets and will add seven more including the United States by the end of the year.
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