Popular clothing line H&M is going to need a big 2018 to bounce back from a horrific 2017. New reports claim the fashion brand has suffered a massive drop in sales weeks after a controversial racist hoodie sparked endless backlash.
According to reports, 2017 served as one of the worst years for H&M in over 5 years.
The downturn has continued, however, as the Swedish retail giant announces its biggest drop in profits for six years — with a decline of 14 percent over the 12 months to November 2017. This downturn has been partly driven by the biggest drop in quarterly sales recorded, while the share price has dropped by just over nine percent, a nine-year low. Over the last three months, H&M has lost over a quarter of its market value with its overall value now around $29.9 billion USD, roughly a quarter of what Zara‘s parent company is worth. (HYPEBEAST)
Earlier this month, rap star G-Eazy revealed he ended a potential H&M business partnership after its racist hoodie drama went viral.
“I’m very, very, very guarded with what I put my name on. You know what I’m saying? Who I do a record with, who I attach my name to, who I co-sign because that’s all you have. So I was excited about H&M, that was a big opportunity to put clothes all around the world and do something that I actually liked and was cool with. And then I saw that happen and was like, ‘I’m not cool with this. I’m out.’ [I walked away from] a lot. But you can’t miss what you don’t have. I was buying moms a house off that check. Me personally, their statement was pretty – ehh.” (“The Breakfast Club”)
Recently, rap veteran Busta Rhymes shouted out Diddy for allegedly putting together a $1 million model offer to the H&M child.
Now this is what I am really excited about seeing!!! Young King (and I am speaking about the young beautiful black man child that is the subject at hand with this @hm Bullshit) Always remember it is your birth right and it is and has always been in your nature to be GOD LIKE young King… If this is really happening, I thank my brother @diddy for the empowerment and being the example of how important it is to put our arm around our young ones to guide them, protect them, school them and support them. 7 star General rank Salute for this!!
The same week, buzz developed over Diddy possibly turning the kid model’s life around with a major contract offer.
P Diddy has seemingly responded to the whirlwind of controversy sparked by the H&M ad which features a black child wearing a jumper with the slogan ‘Coolest monkey in the jungle.’ It’s thought that he’s planning on hiring the little lad to model for his own brand, Sean John. It’s even thought there’s a $1mil contract on the table. There’s no word yet if the lad has accepted, and Diddy’s people refused to comment when approached by Metro.co.uk, but it would certainly be one heck of an outcome to the sh*tstorm caused by the controversy. (Metro UK)
Some reports claim H&M model Nicki Minaj has distanced herself from the company.
Nicki Minaj is in the hot seat after H&M, who she collaborated with in December for a holiday fashion line, came under fire for a racially insensitive image of a black boy wearing a sweater with the word “monkey.” Though Minaj hasn’t publicly spoken out against H&M, she has deleted every sponsored Instagram post promoting her fashion line with the company. Fans were quick to notice the deleted posts, which many considered as an indicator of Minaj’s opinion of the backlash. (Yahoo! Lifestyle)