The world's second largest clothing retailer is trying to remake itself as a greener option, but is it too little too late?
This article titled “Is H&M the new home of ethical fashion?” was written by Lucy Siegle, for The Observer on Saturday 7th April 2012 14.26 UTC
H&M is not just a big player in “fast fashion”, it’s a giant. Estimates (fast fashion behemoths do not give out many production figures as the sector is intensely competitive) suggest it sells more than 550 million garments every year. It recently announced net quarterly profits of $412m. It is second only to Inditex, owner of Zara, as the world’s largest clothing retailer. The great fast fashion war pits Sweden’s richest man, Stefan Persson, chair of H&M, against Spain’s richest man, Amancio Ortega, co-founder of Zara.