Even with its enormous size and huge global customer base, H&M was not immune from the travails of the Covid-19 pandemic last year. 

In the year to November 30, 2020, profit after extraordinary items tumbled 88.2% to SEK 2bn (£174.4m), while sales dropped 18% to SEK 187bn (£16.3bn).

Although H&M is still cautious about the year ahead – company spokesman Nils Vinge said it was “ready to pull the brakes” and is only expecting a “gradual increase in investments” going forward – chief executive Helena Helmersson has bold plans to ensure the fashion giant can not only recover, but thrive post-pandemic.