They are transitioning to online sales as their core business.
The COVID-19 pandemic has caused a major spike in eCommerce and major brands are continuing to expand their operations according to this trend. H&M has announced that it will be closing hundreds of its stores across the globe. Not because they are doing badly, but because they see more value in focusing on online sales. By 2022, the company hopes to have at least 25% of its income generated by online sales.