H&M Group or Hennes & Mauritz AB (HNNMY.PK,HMRZF.PK,HEN.L), a Swedish fashion retailer, announced on Wednesday that it has decided to shut its digital fashion outlet, Afound later this autumn due to weak demand.
The company said: "When evaluating Afound's current position, we don't see enough demand, partly because brands increasingly choose to use their own channels for sales, to further strengthen their customer relationships. This has led to the difficult but necessary decision to discontinue Afound."
The ongoing operations of the digital outlet will be phased out during the coming months, the Group noted.
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