H&M's new boss wants the brand to become quicker at reacting to new trends, pledging more investment to reduce the time for new clothes to hit shelves.

Outlining his priorities for the firm, Daniel Ervér, who became CEO last week, told the Financial

Times that it needed to be "faster to market", and revealed it was "developing nearshoring capabilities", bringing some of its manufacturing closer to its main European markets.

"We also want to leverage data from customers to be more precise in how we run our supply chain," he added.

The family-controlled Swedish retail giant has lost its crown as the world's largest fashion retailer to Zara and Massimo Dutti owner Inditex and has struggled to keep up with the pace and compete on price, with the sector's newer entrants, such as Boohoo and Shein.

Ervér said it was this new competition that "requires us to react quicker".

(c) 2024 City A.M., source Newspaper