H&M Hennes & Mauritz aims to be more online

H&M Hennes & Mauritz AB said to build an online platform to reach more customers. The Stockholm-based fashion brand giant said sales fell below expectations in the fourth quarter and would go online more as customers increasingly opt to shop online.

H&M's CEO Karl-Johan Persson said the online sales of other brands from H&M group continued to thrive, but the physical store decline continued as the industry shift was ongoing. On Friday morning, the company's stock price fell 15 percent on the Stockholm Stock Exchange.

Tinuku H&M Hennes & Mauritz aims to be more online

"To respond more quickly to rapidly changing customer behavior, the company's ongoing transformation journey is being accelerated, including physical and digital store integration and intensifying the optimization of H&M brand portfolios," Persson said.

H&M does not specify exactly how many stores will be closed and where. The company has announced earlier this year it will open physical stores around the world to offset tough competition by online platform. H&M Group has other popular brands like COS, Monki and Weekday with 4,553 physical stores worldwide.