Monki clothing chain to close after nearly 20 years

Monki, a fashion chain under H&M Group, will shut down by 2025, according to a press release. Weekday, another H&M Group chain, will take over several Monki locations, while the remaining ones will close. The closure could have implications for employees, but it also marks an exciting new chapter, the company says. Monki currently operates five stores in Denmark. Founded in Sweden in 2006, Monki boasts over 60 stores in 15 countries. The H&M Group, which also owns Weekday, H&M, and H&M Home, as well as & Other Stories, Cos, and Arket, reported a sales drop from SEK 5.8 billion to SEK 5.3 billion in the third quarter, as per DetailWatch, which is about a three percent decline in the Nordics during the first nine months of the fiscal year. This led to the abandonment of H&M Group’s 2024 profitability goal.