Swedish retail giant H&M is reportedly looking to close as many as seven of its Australian stores in the latest blow to the battered local fashion industry.
According to The Australian, the retailer is looking to shutter up to 15 per cent of its stores while shifting customers towards its newly launched online offering.
H&M, the world's second-biggest fashion chain, first arrived on Australian shores seven years ago – opening its maiden store in Melbourne in 2014 to 15,000 customers – and rapidly expanded across the nation, with stores in every state but the Northern Territory.
Retail industry insiders told the newspaper that of the Swedish retailer's 49 Aussie stores, the Bondi Junction (NSW), Kotara (Newcastle, NSW), Warringah Mall (NSW), Chirnside (Victoria), Townsville (QLD) and Rockhampton (QLD) stores are facing closure.