The New York-based company announced on Friday that Executive Chairman Peter Cuneo will be taking over as interim CEO following the exit of John Haugh, who has stepped down from his roles as president and CEO.
The pioneer of fast fashion isn't looking so fast anymore. Inditex , the world's largest clothing retailer and owner of the Zara chain, faces growing competition from younger, online-only players like Boohoo.
Trading statements and results announcement are being closely watched at present as some global markets prove to be tough for fashion chains. So H&M was in the spotlight on Friday as it reported Q2 sales up 2%.
U.S. retail sales increased more than expected in May as consumers bought a range of other goods even as they paid more for gasoline, the latest indication of an acceleration in economic growth in the second quarter.