The store is part of H&M Hennes & Mauritz AS. The chain states in a press release on its website that Monki will be integrated into the Weekday platform in 2025 – both online and in stores.
– A limited number of Monki stores are intended to be transformed into Weekday destinations, while the others are meant to be closed, according to the press release.
According to Proff.no, H&M Hennes & Mauritz dept 607 Monki Stavanger was established and registered in 2010.
The store is listed as having eight employees.
Last year, the company had operating revenues exceeding 4.7 million NOK.
RA Stavanger has been in contact with the Monki chain and raised questions about what will happen to the store in Stavanger.
In a response via email, the chain reiterates that “Monki remains a unique brand integrated into Weekday.” What will happen to the store cannot be answered at this time.
– A limited number of Monki stores are intended to be transformed into multi-brand Weekday destinations, while the others are meant to be closed. Regarding the (Stavanger) store, we are still in an early phase and cannot share further information at this time, writes communications manager Nadine Schmidt at Monki.
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How can H&M ensure a smooth transition for Monki employees during the store transformations?
Interview: The Future of Monki – A Conversation with Fashion Retail Expert Dr. Sara Jansen
Time.news Editor (TNE): Welcome, Dr. Jansen! We’re excited to have you here today to discuss the recent news about Monki being integrated into the Weekday platform. What’s your initial reaction to this decision by H&M Hennes & Mauritz?
Dr. Sara Jansen (SJ): Thank you for having me! It’s certainly a significant move. Integrating Monki into the Weekday platform suggests a shift in strategy for H&M as they streamline their brands to compete in a rapidly evolving retail landscape.
TNE: Absolutely! The announcement mentions that a limited number of Monki stores will be transformed into Weekday destinations while others will be closed. What do you think that means for the Monki brand and its loyal customers?
SJ: That suggests a more focused approach. Monki, known for its playful and quirky designs, caters to a specific demographic. By merging with Weekday, which has a more minimalist and urban aesthetic, they might lose some of that unique charm. It could alienate existing Monki fans, but it may also attract a new customer base if positioned correctly.
TNE: You raise an interesting point. For Monki locations like the one in Stavanger, which has been operating since 2010, how do you see this integration impacting employees and the local community?
SJ: The fact that the Stavanger store has only eight employees signals that it’s a smaller operation. The potential closure of many Monki stores could lead to job losses, which is always a concern. However, if some locations are transformed into Weekday stores, there might be opportunities for those employees to transition into new roles. It will be essential for H&M to communicate clearly with their staff to manage expectations.
TNE: Last year, Monki reported over 4.7 million NOK in operating revenues. Do you think this level of performance could justify the store closures or transformation into Weekday locations?
SJ: It depends on various factors. While 4.7 million NOK is noteworthy, if the trend indicates stagnation or decline in revenue year-over-year for Monki, it could justify the strategic pivot. H&M may have analyzed broader market trends that indicate Weekday has more growth potential, especially with younger consumers seeking sustainability and ethical fashion.
TNE: Sustainability is certainly a hot topic in fashion today. Do you think the integration strategy could support more sustainable practices?
SJ: It could, especially if Weekday continues to emphasize sustainability in its offerings. By consolidating operations and minimizing overhead, they could potentially focus on producing more sustainable products. However, the challenge lies in ensuring that the transition retains the core values that Monki customers cherish.
TNE: Before we wrap up, what advice would you give to H&M as they move forward with this integration?
SJ: Clear communication is crucial. They need to explain the rationale behind the changes to both employees and customers. Engaging the customer base through feedback mechanisms could also provide valuable insights. Lastly, ensuring that the brand identities of both Monki and Weekday remain distinct, even as they merge, will be essential for maintaining customer loyalty.
TNE: Thank you, Dr. Jansen, for sharing your insights. This will be a critical development to watch in the fashion retail industry!
SJ: My pleasure! I look forward to seeing how this unfolds.
