In June 2018 H&M launched it’s latest outlet brand Afound. With a concentration on online/digital market as well as few select brick & mortor stores in Malmo and Stockholm. The indepenent brand is expanding in Europe, starting with the Netherlands.
Afound has embraced a “long -term” strategy to expand to the rest of Europe by first establisting itself in the Neterlands as a starting point, with the intial step of introducing a digital online marketplace in the Fall of 2019. “We believe we have the opportunity to fill a favorable position. The Dutch customer is an astute customer and one we believe will warmly welcome our concept of offering really good deals on products that are already produced – such as overstock, in our marketplace”, Joanna Hummel the marketing director said.
Afound will soley focus on products that are “already produced”, such as Men’s, Women’s, and childrens clothing from “well known brands”, as well as lifestyle items and shoes. H&M brands include COS, Monki, Weekday, & Other Stories, H&M Home and Arket and now Afound.
This latest discount outlet venture Afound opened six stores last year, and launched it’s online market presence in the Autumn of this year. As part of it’s retail strategy, it will not open any more Brick & Mortor locations, and will concentrate and build it’s online market which sells fashion at discounts up to 70% in an effort to reduce stock.
H&M which is the 2nd largest fashion group behind Inditex (Zara).