Swedish clothing giant H&M has paid $46.6 million for a 60 percent stake in Fabric Scandinavien. This being the parent company of everyone’s favourite cheap as chips skinny jeans Cheap Mondays.
“We see potential to develop stores and concepts in other markets,” H&M chief executive Rolf Eriksen told DRAPERS.COM of the deal. “By working together we can accelerate the growth further. We can also do it in a more efficient manner by drawing on H&M’s experience and knowledge of production, logistics and establishment.”