The discount brings the valuation down from US$66 billion during a May 2023 funding round amid tough competition from PDD’s Temu while it also faces political scrutiny in Washington.
Hennes & Mauritz AB or H&M Group (HNNMY.PK, HMRZF.PK, HEN.L), a clothing major, on Friday reported a rise in its preliminary net sales for the full year. The Group reported net sales of SEK 236.
The net profit of Swedish clothing retailer Hennes & Mauritz (H&M) dropped to 3.5 billion Swedish kronor ($346 million) for fiscal 2021-2022 from 11 billion Swedish kronor a year earlier