H&M had become the global leader in the ‘fast-fashion’ segment with a distinctive business approach that challenged most competitors. The business model, commonly referred to as ‘cheap-and-chic’, emphasised high fashion at prices significantly below those of competitors, with the fundamental principle being ‘Fashion and quality at the best price’. ,H&M已经成为全球领先的“快速时尚”段与独特的业务方法,大多数竞争对手的挑战。商业模式,通常被称为“cheap-and-chic”,强调高级时装的价格明显低于竞争对手,基本原则是“时尚以最好的价格和质量”。
‘In 2010 we stepped up our investments in order to strengthen the brand further and secure future expansion.’ “在2010年,我们加强了我们的投资是为了进一步加强品牌和安全的未来扩张。”
However, Zara, the prime retail brand of Spain’s Inditex, opened 120 new outlets in China during that same year and later during the year Inditex overtook H&M to become the world’s biggest fashion retailer by market capitalisation. For the first time H&M was seriously challenged by Zara’s rapid expansion, not least because of its fast growth in emerging markets. The increased competition and the fact that margins had started to erode due to increased cotton prices and rising production costs in Asia put the H&M high-fashion/low-price formula and aggressive expansion under scrutiny. Investors had come to trust H&M’s model that relied on a set of unique resources and capabilities, but Zara’s success questioned the sustainability of the formula. 然而,Zara,西班牙的Inditex的主要零售品牌,在中国开设了120家新店在今年晚些时候在同年和Inditex取代H&M成为世界上市值最大的时装零售商。H&M首次被Zara的快速扩张严重挑战,不仅是因为其在新兴市场的快速增长。竞争加剧,利润率已经开始侵蚀这一事实由于棉花价格和不断上升的生产成本的增加在亚洲把H&M时尚/低价公式和激进的扩张受到了密切关注。投资者已经信任H&M的模式,依靠一套独特的资源与能力,但Zara的成功公式的可持续性提出质疑。
The increased competition for consumer spending in the fast-fashion business was further intensified by the poor economic situation. 增加的消费支出在快速时尚行业竞争进一步加剧了穷人的经济形势。
H&M’s chief executive Karl-Johan Persson tried to calm investors and emphasised the long-term view:
H&M的首席执行官佩尔森试图安抚投资者,强调长期的观点:
In this situation it is extra important to have a long-term perspective and to always make sure we give the best combination of fashion and quality for money in every market.’1
在这种情况下额外的重要的是要有一个长远的眼光,总是确保我们提供时尚和品质的最佳组合为钱在每一个市场。
we are investing for the future and we always have the customers in focus. Despite increased purchasing costs, we have continued to strengthen our customer offering – for example, by not raising our prices to customers.
我们对未来的投资,我们总是有客户的焦点。尽管增加采购成本,我们继续加强我们的客户提供——例如,不提高我们的价格客户。2
H&M relentlessly continued to emphasise the long-term view in its expansion strategy.
H&M无情地继续强调长远的扩张战略
Despite these continuous aggressive expansion plans, analysts had some doubts: There are fears that the product is not good enough, brand appeal is fading or that prices have been undercut by an even cheaper competitor.
有担心产品不够好,品牌吸引力消退,或者价格甚至已经被削弱的竞争对手便宜。
Moreover, fashion, by its very nature, is unpredictable and fickle – trends are prone to sharp and unpredictable changes, which makes competition uncertain.
The end consumers have an enormous selection of garments to choose from and will quickly adopt new trends. In the ‘fastfashion’ category they are also extremely cost-conscious and will look for bargains.
此外,时尚,本质上,是不可预测的,变化无常的,趋势是倾向于夏普和不可预测的变化,这使得竞争不确定。
最终消费者有一个巨大的选择的服装选择和将迅速采用新趋势。“fastfashion”类别他们也非常注重价格,更将寻找便宜货。
As international trade liberalises, the number of suppliers globally increases and competition among manufacturers in low wage regions intensifies. Switching from one supplier to another is not a major issue, although it entails the risk that choosing low-cost suppliers may involve a more extended supply chain that may not be able to cope with sudden changes in demand in an industry which is susceptible to changes in fashion. There is also a risk that low-cost suppliers may not be up to quality standards.
随着国际贸易放开,全球供应商数量的增加,在低工资地区制造商之间的竞争愈发激烈。切换从一个供应商到另一个不是一个大问题,尽管它需要选择低成本供应商的风险可能涉及更多的扩展供应链可能无法应对需求的突然变化在一个行业容易受到时尚的变化。还有一个风险,低成本的供应商可能不会达到质量标准。
Entry to the retail industry does not require a large capital outlay; setting up a single independent retail store is within the means of many entrepreneurs and there are plenty of suppliers to choose from. However, on a global scale, a few large corporations account for a major share of total industry revenues. Their size and economies of scale bring about the ability to build brands in multiple retail outlets, and considerably greater buying power when negotiating with suppliers (see Table 2).
进入零售行业不需要大型资本支出;建立一个独立的零售商店内的许多企业家和有很多供应商可供选择。然而,在全球范围内,一些大型企业占行业总收入的主要份额。它们的大小和规模经济带来的能力在多个零售网点,建立品牌和相当大的购买力与供应商谈判时(见表2)。
As argued by one of the few journalists that has access to the company: ‘The story of H&M does not really concern clothing, but from the beginning one man’s vision – or rather unbreakable stubbornness, devotion to a goal and knowledge of human nature.’6
所认为的为数不多的记者,访问公司:“H&M的故事并不真正关心服装,但从一开始一个人的愿景——或者说牢不可破的固执,对人性的一个目标和知识。6
Not unlike IKEA in furniture, the H&M philosophy is to make fashion affordable for everyone: ‘Fashion and quality at the best price’. These are fundamental ingredients of ‘the spirit of H&M’, which remained the shared and tacit understanding of how to do business in H&M. It is underlined by seven codified core values: ‘(1) Keep it simple, (2) Straightforward and open-minded, (3) Constant improvement, (4) Entrepreneurial spirit ,(5) Cost conscious, (6) Team work and (7) Belief in people.’7
不像宜家家具,H&M哲学是使时尚对每个人都负担得起:“时尚以最好的价格和质量”。这些都是“H&M的精神”的基本成分,共享和默契的保持在H&M如何做生意。它是由七强调法典的核心价值观:“(1)保持简单,(2)直截了当的和开放的,(3)持续改善,(4)创业精神,(5)成本意识,(6)团队工作和(7)相信人。7
Another aspect of the H&M spirit is the extraordinary focus on employee involvement. H&M精神的另一个方面是特别注重员工参与。
Another aspect of the H&M spirit is the extraordinary focus on employee involvement. This participatory management philosophy is one of the reasons why H&M is seen as a company where experimentation, trial-and-error learning, fast decision making and willingness to take initiatives and try new ideas define the basic pillars of organisational culture. Another key ingredient in the culture of H&M is the active encouragement of this spirit at all organisational levels.8 Trying new things is also encouraged among purchasing managers, but while trying something new and making mistakes is OK it is important that the same mistake is not repeated.
H&M精神的另一个方面是特别注重员工参与。这种参与式管理哲学的原因之一H&M公司被视为一个实验,试错学习、快速决策和愿意采取行动和尝试新想法定义组织文化的基本支柱。H&M的文化的另一个关键因素是积极鼓励这种精神的组织水平。8尝试新事物也鼓励在采购经理,尽管尝试新事物和犯错误是好是很重要的,不重复犯同样的错误。
It is a straightforward and persuasive weekly list that includes sales and other key figures compared to the previous day, month and year. On this list each manager can clearly see exactly how muchhas been sold of each individual product. The buyers use this information to reallocate production or shipments, reducing potential over-stocking problems. This itemised report also allows buyers to maintain a high level of turnover, keeping the apparel on the sales floor up to date. All employees are also made aware of these results; and if sales are up from the previous day, the sales figures are applauded during store morning meetings. 这是一个简单的和有说服力的每周列表,包括销售和其他关键人物与前一天相比,月和年。在这个名单上每个经理都可以清楚地看到如何muchhas每个产品的销售。买方使用此信息来重新分配生产或出货,减少潜在的over-stocking问题。这个明细报告还允许买家保持高水平的营业额,使服装销售地板上保持最新。所有员工也意识到这些结果;如果销售额高于前一天,销售数字时鼓掌商店早上会议。
Limited attention to titles and work descriptions is also a characteristic of H&M: ‘At H&M we do not have any work descriptions. It provides considerable freedom, but it also makes it more difficult to blame someone else and claim that something is not part of your duties. Some love it, but others leave after a few weeks.’11
注意标题和工作描述有限也是一个H&M的特点:在H&M,我们没有任何工作描述。它提供了相当大的自由,但这也使很难责怪别人,声称的东西不是你的职责的一部分。有些爱它,但别人把几周后。11
In line with this emphasis on informality, independent decision making is celebrated and decentralisation is encouraged within the limits of the organisational culture. However, central functions like buying and logistics also have a considerable influence and the organisation is in a sense ‘a peculiar mix of strong centralisation and delegation’. The flat and simple organisational structure has also been more challenging to preserve due to H&M’s tremendous growth. The company has a matrix country/function organisation, with each executive management team member for a function being responsible for the results of work within their function in each country.
符合这个强调不拘礼节,鼓励庆祝独立决策和权力下放的范围内的组织文化。然而,中央功能像购买和物流也有相当大的影响力,组织在某种意义上特有的强大的中央集权和代表团的。平面和简单的组织结构也更具挑战性的保护由于H&M的巨大增长。公司拥有一个矩阵国家/功能组织,与每一个管理团队成员函数负责工作的结果函数在每个国家。
The company always positions its stores in the very best locations, 公司总是在最好的位置,店铺位置是否在一个城市或小镇购物中心
The store is the most important communication channel H&M has with its customers and it must be inviting and inspiring, strengthening the brand and offering local customers the best possible shopping experience. 商店是最重要的通信通道H&M与客户,必须邀请和鼓舞人心,加强品牌和本地客户提供最好的购物体验。
Instead of claiming full ownership of the property, H&M opts for renting store premises, which increases flexibility and adaptability. By renting space, the company is able to adapt more quickly to the changing demand patterns and location attraction in its key markets.
商店是最重要的通信通道H&M与客户,必须邀请和鼓舞人心,加强品牌和本地客户提供最好的购物体验。H&M声称全部财产的所有权,而是选择租店的前提,从而增加灵活性和适应性。通过租用空间,公司能够更快地适应不断变化的需求模式和位置在关键市场上的吸引力。
The window display – where the customer meets H&M – is perhaps the most important part of the store. Every two or three years a completely new interiors programme is created. Although centrally guided, every store is unique as it showcases different items in the window display, although they may come from the same collection. Displays, both in windows and inside stores, are changed frequently. This way, consumers are continually attracted to visit the stores to keep up with the latest collections. 橱窗展示——客户满足H&M——可能是最重要的部分。每两到三年创建一个全新的内部项目。虽然集中指导,每个商店都是独特的,因为它展示了不同项目的窗口显示,尽管他们可能来自相同的集合。显示,在windows和商店内,随时都在改变。这种方式,不断吸引消费者访问商店跟上最新的集合。
In line with H&M values, decision making is decentralised and store managers have considerable autonomy. The shop manager runs the business like an entrepreneur and is authorised to take independent decisions within the overall guidelines, essentially like running one’s own business. This increases employee loyalty and commitment to the organisation and is a great motivator. 符合H&M值,决策是分散的和商店经理有相当大的自主权。商店经理跑业务就像一个企业家和授权采取独立决策在整个指南,基本上就像经营自己的生意。这增加组织和员工的忠诚和承诺是一种强大的动力。
H&M’s strong brand image is associated with value and stylish collections. In addition to 200 in-house designer collaborations with famous designers, there is a unique approach that has been employed by H&M over the years. H&M的强大的品牌形象与价值和时尚的集合相关联。除了200年内部设计师与著名的设计师合作,有一个独特的方法,这些年来一直受雇于H&M。
Highlighting the brand’s high level of awareness, H&M was ranked 21st among the top 100 most valuable global brands according to Interbrand in 2011, with a brand value of $16.5 billion. In comparison, Zara ranked 44th with US$8 billion, and Gap came in at number 84 with US$4 billion. This huge difference can partly be attributed to H&M’s long-term advertising campaigns with high-profile celebrities. In order to enhance the value of its brand name, H&M spends around 5% of its revenues on advertising.
突出品牌的高水平的意识,H&M排名21名列全球100个最有价值品牌根据2011年国际品牌集团,品牌价值为165亿美元。相比之下,Zara排名第44任美国80亿美元,差距排名84年40亿美元。这种巨大的差异在一定程度上可以归因于H&M的长期与高调的名人广告活动。为了提高其品牌的价值,H&M的广告开支约5%的收入。
In addition to conventional channels, H&M has also established a strong social media presence. 除了传统的渠道,H&M还建立了一个强大的社交媒体的存在
The centralisation of design allows for minimal time-to-market and the design team has direct contact with the production offices around the globe. This allows for a rapid-response manufacturing process to capitalise on design trends immediately. 中央集权的设计允许最小的上市时间和设计团队直接接触生产办公室世界各地。这允许一个快速反应生产过程立即利用设计的趋势。
However, H&M always adds its own touch to the design, creating collections that strike a good balance between the latest trends and the basics. 然而,H&M总是说自己的触摸设计,创建集合之间取得良好的平衡的最新趋势和基础。
We get inspiration from everywhere, but the most important thing is to make it your own way. Quality means carefully testing everything before it hits the shops, from jeans to lipstick. But it also means H&M is a fashion house in its own right, with its own trends. We do not copy.’ 我们得到的灵感来自世界各地,但最重要的是自己的路。质量意味着仔细测试一切之前到达商店,从牛仔裤到口红。但这也意味着H&M时装店在它自己的权利,有自己的趋势。我们不要复制。
H&M does not own any factories. H&M不拥有任何工厂。
With the focus on economies of scale, including low-wage and high-volume production, the company maintains low input costs and often has the latest trends in its stores within a month of the initial design. 以规模经济为重点,包括低工资和大批量生产,该公司保持低投入成本和经常有商店在一个月之内的最新趋势的初始设计。
H&M also constantly redefines its production and distribution in response to changing market and production conditions to ensure that they continuously improve the efficiency of the production flow. This way, H&M has been able to reduce lead times by 15-20% in recent years. H&M也不断地重新定义其生产和销售以应对不断变化的市场和生产条件以确保他们不断改善生产流程的效率。这种方式,H&M能够减少交货期近年来15 - 20%。
To reduce lead times, the 50 production offices are in direct contact with suppliers and report back to central procurement in Stockholm. They mediate between the large network of independent suppliers and the central purchasing office to identify the right suppliers to place orders with, in order to optimise time and cost decisions and ensure that these decisions follow H&M’s CSR policies. Each supplier owns or subcontracts multiple factories; globally, 1,652 factories were approved for making goods for H&M. H&M conducted a total of 2,024 annual audits of suppliers, of which 78% were unannounced. CSR has increased in importance for H&M. Being a high-profile and visible player in the textile and apparel industry, the company is under constant scrutiny in terms of working conditions and wage levels in the over seas suppliers they work with. Being fully cognisant of this, H&M pays particular attention to CSR and takes several actions throughout its value chain to keep its brand name away from the usual criticisms aimed at the textile industry. H&M also produces a special collection (the Conscious Collection) using sustainable materials. The company has formulated seven commitments called ‘H&M Conscious Actions’. These include adopting ethical practices, improving working conditions and using natural resources responsibly. Other projects include community investments.17
减少交货期,50个生产办公室直接与供应商联系并报告回到斯德哥尔摩中央采购。他们之间进行斡旋的大型网络独立供应商和中央采购办公室来确定合适的供应商下订单,为了优化时间和成本决策,并确保这些决定跟随H&M的企业社会责任政策。每个供应商拥有或分包多个工厂;在全球范围内,1652年,工厂被批准为H&M生产商品。H&M总共进行了2024年度供应商审计,其中78%是突然的。企业社会责任已经增加了H&M的重要性。高调,可见玩家在纺织品和服装行业,公司不断的审视下的工作条件和工资水平在海洋供应商工作。被完全认知的,H&M特别关注企业社会责任,需要几个操作整个价值链以保持其品牌从通常的批评针对纺织工业。H&M也会产生一个特殊的集合(有意识的收集)使用可持续材料。该公司已制定七承诺叫做“H&M有意识的行动”。这些包括采用道德实践,改善工作条件和负责任地使用自然资源。其他项目包括社区investments.17
Buyers and production offices are closely integrated throughout the value chain with distribution centres, warehouses and the stores around the globe. To reduce poor buying decisions and to increase flexibility in allowing stores to restock quickly during the season with bestselling products, H&M makes sure not to place orders too early. H&M puts more emphasis on economies of scale in its supply chain set-up compared to Zara, which focuses on flexibility and speed: ‘Lead-times vary from two to three weeks up to six months. The different lead-times reflect differences in the nature of the goods. The trick is to know the right time to order each item. A short lead-time is not always the best, since the right lead-time is a matter of bringing price and quality into balance.’18
买家和生产办公室紧密整合的整个价值链与配送中心、仓库和商店。减少穷人购买决策和快速增加的灵活性允许商店补充库存在赛季畅销产品,H&M确保不要过早下订单。H&M更强调规模经济在其供应链设置与Zara相比,其重点是灵活性和速度:从两到三周的间隔六个月。不同的订货周期反映商品的性质的差异。关键是要知道正确的时间顺序每个条目。短交货期并不总是最好的,因为正确的更换模具的时间是把价格和质量平衡问题。”18岁
H&M controls virtually all logistics internally except for external contractors handling transportation. The integrated logistics function is a key business process for H&M that supports cost-efficient supply of goods and generates economies of scale: ‘H&M can offer the best price by avoiding middlemen, buying the right product from the right market, being cost-conscious at every stage and having efficient distribution.’19
H&M控制几乎所有物流内部除了外部承包商处理运输。综合物流功能是H&M的关键业务流程,支持的货源并生成规模经济:“H&M可以通过避免中间商提供最好的价格,购买合适的产品从市场,注重成本控制的在每一个阶段有高效的分配。”19

This integrated direct distribution channel ensures that H&M stores receive new shipments daily, giving the company further control over supply and demand shifts. Store keeping of merchandise is minimised and individual stores do not have backup stocks; they are replenished as required from a central warehouse. They also shift merchandise around internally, depending on demand.
这种集成的直接分销渠道确保H&M店每天接收新发货,给该公司进一步控制供应和需求的变化。商店商品保持最小化和个人商店没有备份股票;他们从中央仓库的要求补充。他们也改变商品在内部,这取决于需求。
To support the swift and efficient flow of goods, H&M logistics depend on effective information sharing and the latest IT systems that are continuously being developed. These systems not only allow for more optimal decisions regarding demand and supply, but also provide information for understanding customer needs and the placement of products.
支持商品的迅速和高效的流动,H&M物流依靠有效的信息共享和最新的IT系统,不断被开发。这些系统不仅允许更多的需求与供应相关的决策,但也提供信息对于理解客户的需求和产品的位置。
Key to the recipe of H&M’s success is its ability to establish a strong corporate culture with well-defined values, and to make sure its employees understand and internalise these values in their job. One important element to ensure that this culture is alive is to integrate it into HRM’s recruitment process and training.
Internal promotion and job rotation are two central ingredients in H&M’s HRM policies, and experience, loyalty and continuity are highly regarded. These two aspects are central to keep on cultivating and disseminating the H&M spirit and culture throughout the organisation. The steady growth in H&M provides ample opportunities for employees to take on new challenges in another store, department, role or country. Aligning corporate and individual goals with development and growth strategies is essential for H&M:
‘The key words for continual growth are responsibility and commitment. We have committed employees and we are prepared to delegate responsibility at every level. I tell employees, if you do not grow, neither will H&M.’
H&M的配方成功的关键是其能力与明确的价值观,建立强有力的企业文化,确保员工理解并认同这些价值观在他们的工作。一个重要的元素,以确保这种文化是活着是集成到人力资源管理的招聘流程和培训。
内部晋升和工作轮换两个核心成分在H&M的人力资源管理政策,和经验,忠诚和连续性拥有很高的声誉。这两个方面是中央继续培养和传播H&M的精神和文化在整个组织。H&M的稳步增长提供了充足的机会为员工承担新的挑战在另一个商店,或国家部门的作用。将企业和个人目标与发展和H&M的增长战略是至关重要的:
持续增长的关键字是责任和承诺。我们已经承诺员工和我们准备委托各级责任。我告诉员工,如果你不成长,H&M也不会。”
A participative culture is thus central to the spirit of H&M and the leadership philosophy emphasises straightforward and direct relationships with employees. The HRM policies emphasise the core value – ‘We believe in people’ – and the open-door policy, granting all employees the right and possibility to discuss any work-related issue directly with the management.
Consequently, H&M values personal qualities much more than formal qualifications; great school grades and all the university credits in the world are no guarantee of a job or a fast-track career. More than anything, H&M looks for people with the right personality – people can gather skills as they go along, but personality and attitude can not be taught. H&M is a fast company with a high tempo and needs employees who are self-driven, who like responsibility and decision making and who are capable of leading. A love of fashion combined with a focus on sales is perceived as a major advantage.
参与型文化是中央领导H&M的精神和哲学强调简单和直接与员工的关系。人力资源管理政策强调核心价值——我们相信人的和开放的政策,给予所有员工的权利和可能性,讨论任何与工作相关的问题直接与管理。
因此,H&M价值观个人品质比正式的资格,伟大的学校成绩和世界上所有大学学分没有工作或职业快速通道的保证。更重要的是,H&M寻找正确的人格——人们可以沿着收集技能,但个性和态度不能教。H&M是一个快节奏和高的公司需要员工自行驱动的,那些喜欢责任和决策和领导的能力。对时尚的热爱结合关注销售被认为是一个主要的优势。
While H&M’s skill in providing fashionable and elegant clothes at fashionable prices and catering for the dynamic tastes and preferences of customers can broadly be identified as the main drivers of its success, perhaps its unique advantage lies in its ability to replicate the same business concept and ‘spirit’ across time and space. 而H&M的技能提供时尚和优雅的服装以时尚的价格和餐饮动态的口味和偏好的客户大致可以确定为其成功的主要动力,也许它独特的优势在于它能够复制相同的经营理念和“精神”在时间和空间。
Continuous growth by replicating the same business model and store concept thus defines the core of the company’s expansion strategy. Prior to moving to a new country or city, H&M first conducts a thorough evaluation of market potential. This is done according to factors like demographic structure, purchasing power, economic growth, infrastructure and political risk. H&M’s strategy is to recruit local people wherever it opens a new store. H&M looks for those who have the ‘right’ personality and potential to understand and adopt the core values of the organisation. Another element is to use formal training programmes as well as on-the-job training to socialise employees into this culture and make sure that they understand and act according to the core values of the company. These socialisation mechanisms are the means by which H&M successfully adopts a ‘mental franchising’ model, in which the ownership of each and every store remains in the hands of H&M whereas the shop managers often run their shop as if it were their own.
持续增长通过复制相同的商业模式和存储概念因此定义公司的扩张战略的核心。搬到一个新的国家或城市之前,H&M首次进行彻底的评估市场潜力。这样做是根据人口结构等因素,购买力,经济增长、基础设施和政治风险。H&M的策略是招募当地人民无论它打开一个新的商店。H&M寻找那些“正确”的个性和潜在的理解和采用该组织的核心价值观。另一个元素是使用正式的培训计划以及在职培训社会化员工到这个文化,确保他们理解并根据公司的核心价值观。这些社会化机制的手段H&M成功地采用“心理特许经营”模式,在每个商店的所有权仍在H&M的手中,而商店经理经常运行他们的商店,如果它是自己的。
All of these initiatives are essential ingredients of H&M’s constant growth strategy, in which the ambition is to create and re-create the basic and fundamental values and the overall H&M spirit. To this end, the company keeps formal rules and procedures to a minimum and instead prefers to equip its employees with tacit skills via experiential learning in the field. This way, H&M makes sure that those who work in new outlets are exposed to and infused with the original spirit. Combining this with the values of initiative taking and entrepreneurship, H&M has been able to stay ahead of its competitors by moving fast and reaching large markets based on applying a simple business model universally and making subtle modifications and adaptations at the local level.
所有这些举措都是H&M不断增长战略的重要成分,雄心壮志的创建和重新创建基础和基本价值和整体H&M精神。为此,该公司保持正式的规则和程序降到最低,而更喜欢为员工配备隐性技能通过经验学习。这种方式,H&M确保那些在新媒体接触和工作充满了原始的精神。结合项目的价值和创业,H&M一直能够保持领先竞争对手通过移动快,到达大市场基于应用一个简单的商业模式普遍和微妙的修改和适应在地方层面。
H&M’s growth to become one of the largest global fashion retailers is an incredible success story – from one store in 1947 to 2,500 in 2012. In 2013 H&M was planning to open another 300 stores and also plans to open a much anticipated new luxury-label format of stores called ‘& Other Stories’. It also plans to develop online sales in the USA and open its largest store in the world on Fifth Avenue, New York. However, fashion retailing history is full of companies that have confidently expanded into new international markets, but later have been forced to retreat and drastically curtail their growth – from Marks & Spencer to C&A and Benetton. The question for H&M and its thirdgeneration leader Karl-Johan Persson is to what extent will H&M’s resources, capabilities, practices and knowledge be enough to keep up with the competition, including new and vigorous entrants? Will these entrants be able to replicate H&M’s success?
H&M的增长成为最大的全球时尚零售商是一个令人难以置信的成功的故事——从一个商店在1947年到2500年的2012人。H&M计划2013年再开300家门店,还打算开一个备受期待的新的商店luxury-label格式称为“&其他故事”。它还计划开发网上销售在美国和开放世界上最大的商店在第五大道,纽约。然而,时尚零售历史充满自信地公司扩展到新的国际市场,但后来被迫撤退,大大限制其增长——从玛莎百货C&A、贝纳通。H&M和其第三代领导人佩尔森的问题将在多大程度上是H&M的资源,能力,实践和知识不足以跟上竞争,包括新的和有力的进入者?这些参赛者能够复制H&M的成功?
Political Factors: For example, Government policies, taxation changes, foreign trade regulations, political risk in foreign markets, changes in trade blocks (EU).
Economic Factors: For example, business cycles, interest rates, personal disposable income, exchange rates, unemployment rates, GDP trends.
Socio-cultural Factors: For example, population changes, income distribution, lifestyle changes, consumerism, changes in culture and fashion.
政治因素：例如，政府政策，税务的改变，外贸法规，在国外市场的政治风险，转变贸易块（欧盟）。
经济因素：例如，经济周期，利率，个人可支配收入，汇率，失业率，国内生产总值的趋势。
社会文化因素：例如，人口变动，收入分配，生活方式的改变，消费，改变文化和时尚。

Technological Factors: For example, new discoveries and technology developments, ICT innovations, rates of obsolescence, increased spending on R&D.
Environmental (‘Green’) Factors: For example, environmental protection regulations, energy consumption, global warming, waste disposal and re-cycling.
Legal Factors: For example, competition laws, health and safety laws, employment laws, licensing laws, IPR laws.
技术因素：例如，新的发现和技术的发展，信息和通信技术创新，淘汰率，对研发支出增加
环保（“绿色”）的因素：例如，环保法规，能源消耗，全球变暖，废物处理和循环再用。
法律因素：例如，竞争法，健康和安全法律，劳动法律，许可法，知识产权法。