<p>Swedish H&amp;M Group announced on Wednesday that due to weak demand, H&amp;M will close its discount fashion platform Afound later this year. H&amp;M stated: &#34;When evaluating Afound's current position, we have not seen enough demand, partly because more and more brands are choosing to use their own sales channels to further strengthen customer relationships.&#34; The company was founded in 2018 as a chain of physical stores selling discounted clothing from many external brands, before adjusting its strategy and expanding online. According to its website, the brand sells clothing in seven European countries including Sweden, Germany, and the Netherlands</p>

<p>Swedish H&M Group announced that it will close its discount fashion platform Afound later this year due to weak demand. The company stated that brands are trending towards using their own sales channels, impacting consumer demand. Afound was established in 2018, initially as a physical store, and later expanded online, mainly selling discounted clothing in seven European countries including Sweden, Germany, and the Netherlands</p>

H&M Group announced the closure of the discount fashion platform Afound