Despite managing to profit during the third quarter of this year, Swedish brand H&M continues to struggle until the end of 2020 due to the pandemic. The group’s net sales fell 10% during the fourth quarter, from SEK 61.694 million ($ 7.3 billion) in the same period a year ago to SEK 52.543 million ($ 6.3 billion) today. And so the fashion world must encounter new challenges and, above all, fast fashion needs a radical change. Aware of this trend, H&M has thrown itself into a new and revolutionary project destined to create an unprecedented business model. The ambitious initiative consists of the launch of Singular Society, a new brand that bases its economy on the concept of membership.
Unlike any other brand, the new label of the Swedish giant makes its products available only through a monthly subscription ranging from € 9.50 for a maximum of five items to € 19.50 for an equivalent of twenty-five purchases per month. With this system the company aims to satisfy customers with a sustainable and high quality proposal, but at the factory price.
“No shortcuts, no markup, full transparency. Our idea is to help people buy less but by allowing them to do it better. It’s better for you. It’s better for us. It’s better for everyone.” Singular Society writes.
The service is currently available in the Stockholm flagship store and online. To access, you must sign up for a waiting list which, as promised, will be gradually satisfied with the aim of welcoming as many people as possible.