The H&M Group is planning to realign its own brand Weekday, which aims to appeal to the younger target group.
In this context, the other private label Monki is to become part of this new orientation, the Swedish fashion group announced on Wednesday. In addition to Monki, there will also be a return of the Cheap Monday brand, albeit with a smaller range of jeans. H&M announced the end of Cheap Monday at the end of 2018.
This reorganization aims to reduce administrative and operational costs, “freeing up resources to continue to focus on developing brand experiences and an improved overall offering,” according to the apparel retailer.
“We see great potential for this new youth destination with the Weekday, Monki and Cheap Monday brands. Over time we will also look at how we can develop it further by bringing in more partners,” said Anna Attemark, Head of Portfolio Brands, H&M Group. “While we look forward to the new organization taking off, we remain humbled by the changes this will mean for some of our employees.”
H&M closes Monki headquarters
As a result of this merger, it will come together at the Weekday headquarters in Stockholm and close the Monki headquarters in Gothenburg. The Monki employees should be supported in “applying for a position in the new organization or continuing their career elsewhere within or outside the H&M group”, according to H&M. It is currently not clear whether the Monki stores will also be affected by this change.