Saudi Fashion Commission to Host Virtual Meeting on Entrepreneurship, SMEs

Saudi Fashion Commission to Host Virtual Meeting on Entrepreneurship, SMEs
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Saudi Fashion Commission to Host Virtual Meeting on Entrepreneurship, SMEs

Saudi Fashion Commission to Host Virtual Meeting on Entrepreneurship, SMEs

Saudi Arabia’s Fashion Commission will host a virtual meeting focused on entrepreneurship and small and medium-sized enterprises (SMEs) on Thursday.

The meeting will feature renowned entrepreneurship specialists Noura Sulaiman, Abdulilah bin Mohammed Al-Baiz, and Mohammed Omar Bamehriz.

The discussions will be centered around four main topics: the initial stages of establishing a successful business, basic steps for building a thriving business, overcoming challenges and sustaining business growth, and expert advice for SME entrepreneurs.



H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
TT

H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko

H&M, the world's second-largest listed fashion retailer, said on Thursday it no longer expected to reach its full-year earnings margin goal, while reporting a lower-than-expected operating profit for the June-August period.

H&M has struggled to boost its profitability amid high inflation and stiff competition from its bigger Spanish rival Zara, owned by Inditex, and the rapid growth of cut-price online fast-fashion retailer Shein.

"At present we estimate that this year's operating margin will be lower than 10%," Chief Executive Daniel Erver said in a statement.

The accumulated margin stood 7.4% for the first three quarters.

The full-year operating margins for 2022 and 2023 were 3.2% and 6.2% respectively, and H&M had cautioned in June that factors such as materials costs and foreign currency had made the 2024 target more difficult to reach.