H&M axes skinny jeans brand Cheap Monday

H&M is to axe its independent skinny jeans brand Cheap Monday, with the Swedish retailer blaming “major challenges” to the fashion industry for the decision.

The world’s second largest clothing retailer is scrapping the Cheap Monday clothing, which is mainly sold online and through its sole UK outlet on Carnaby Street, as it looks to insulate the core business from “a period of extensive change” within the retail sector.

Roughly 80 jobs are under threat from the closing down of Cheap Monday, which was snapped up by H&M a decade ago after being founded in 2004 by Fabric Scandinavien.

In a statement H&M said: “Cheap Monday has a traditional wholesale business model, which is a model that has faced major challenges due to the shift in the industry.”

“There has been a negative trend in the Cheap Monday’s sales and profits for a long time. The H&M group therefore intends to close down Cheap Monday.”

Anna Attemark, head of new business at H&M, said other brands within the business — which include Monki, COS and & Other Stories — were developing positively.

The news comes as H&M undergoes a major investment plan to bolster its online arm to compensate for falling levels of shopping on the high street.

Despite a drop in profit the fashion giant posted a three per cent rise in sales during the nine months to the end of August.