China’s millennials embrace local brands as fast fashion giants like H&M face changing tastes
The shifting tastes of China’s millennials and growing popularity of local brands means fast fashion retailers like H&M could have a tough sell ahead of them in the world’s second largest economy, as the Swedish company renews efforts to regain consumer confidence following a boycott over its comments on Xinjiang.
In August, US retailer Urban Outfitters announced it would exit the Chinese market, joining a list of fast fashion companies such as Old Navy and Asos that have left the country in recent years or been mired in controversy.
Urban Outfitters said on its official Weibo account, China’s Twitter-like social media site, that its departure was due to “the adjustment of the brand’s global strategy” and the withdrawal was temporary.
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