H&M to shutter Monki stores as brand merges with Weekday.
H&M Group has announced plans to liquidate all standalone Monki stores by 2025 as part of its strategic plan to integrate the brand with Weekday. This merger underscores H&M’s efforts to consolidate its youth-oriented offers in response to altering market realities. While a few Monki locations will be transformed into Weekday stores, the exact number of affected stores and staff is unknown.
Monki, which is recognized for its vivid and quirky apparel geared at younger clients, currently has 56 outlets globally. However, the brand has reduced its physical presence in recent years. H&M closed roughly 20 Monki locations in 2022, and the brand’s Swedish headquarters will close in 2023. Monki, acquired from Fabric Scandinavien AB in 2008 along with Weekday and Cheap Monday, has played an important role in H&M’s efforts to cater to the youth market. Despite its initial popularity, the brand has struggled to preserve its unique character within H&M’s larger portfolio.
The decision to merge Monki fits into a larger pattern of H&M’s problems to sustain autonomous, youth-oriented brands. Another brand acquired by Fabric Scandinavien AB, Cheap Monday, was dropped in 2018, but will see a limited resurrection under the Weekday label in 2023. Monki’s incorporation into Weekday demonstrates H&M’s efforts to streamline its goods in response to fierce competition and shifting consumer tastes in the fast-fashion sector.
While standalone Monki stores will be phased offline, the brand will maintain a presence on its e-commerce platform and in Weekday stores. This ensures that Monki’s distinct style is available to its dedicated consumer base. Meanwhile, the H&M Group continues to manage a varied portfolio of brands such as COS, & Other Stories, Arket, and its iconic H&M label. The business recently sold its Afound internet channel to Secret Sales, a UK-based premium off-price apparel marketplace. This action demonstrates H&M’s increased commitment to improving its core brand operations and adapting to a constantly changing retail landscape.
The closing of Monki locations represents a significant shift in H&M’s strategy, which now prioritizes digital integration and brand consolidation as key drivers of future growth in the competitive youth fashion category.
