What: The closure is part of H&M's ongoing plan to adapt its retail network in the wake of the coronavirus pandemic.

Why it is important: Last year, the fast-fashion giant announced changes in its 5,000-strong retail network, with 350 stores closing and 100 opening in 2021. In a statement, H&M France did not give a timeline for the Champs-Élysées closure. It said it has started consultations with labour unions and plans to offer jobs at its other stores to the workers impacted.

The 30,000-square-foot store opened in October 2010 after a five-year legal battle with Paris City Hall, which opposed the arrival of fast-fashion brands on the famous avenue.

Fashion retail in Paris continues to suffer from the compounded effects of a sector-wide structural crisis due to the rise of e-commerce, accentuated during the pandemic, and a lack of foot traffic, with tourists remaining largely absent and locals smart-working.

The news comes as staff at an H&M warehouse in Le Bourget, the retailer’s sole French logistics site, have been picketing to protest plans for the closure of this location, which would impact more than 150 jobs.

H&M to shut Champs-Élysées flagship in Paris