STOCKHOLM, Sweden — Investors in Hennes & Mauritz AB left its first ever capital markets day wondering whether the retailer is aware its clothes seem to be going out of fashion.

With the value of their H&M shares down about 45 percent since the end of 2016, owners said management gave a lot of details on pretty much everything except the main product.

“The offering is the core problem,” said Erik Sjostrom, a fund manager at H&M shareholder Skandia. “The fashion, the price, the distribution and I believe they are off both in terms of fashion and price.”

H&M says it expects online sales to rise at least 25 percent this year while sales from e-commerce and non-H&M formats like COS, Weekday and newly launched Arket will nearly triple from last year’s level by 2022. Together, those labels account for less than one-tenth of sales….
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