Economy
H&M and Zara Shift to Luxury as Shein Dominates Ultra-Fast Fashion Market
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Traditional fast-fashion giants H&M and Zara are repositioning themselves toward aspirational luxury to compete with Chinese ultra-fast fashion leader Shein. While Shein launched nearly 10,000 new products daily in 2023 and surpassed combined European online sales of H&M and Zara, traditional brands are raising prices and collaborating with designers to shed their low-cost image. This strategy, described as an 'elevation game' by McKinsey and Business of Fashion, aims to move these retailers into the mid-market segment where they can differentiate from Shein’s rapid production model.
Ozetta summarises; the reporting is the newsroom's