自強不息，指日可待 – 時尚服飾產業廠商之經營與發展策略分析：以海恩斯莫里斯集團為例

Abstract

海恩斯莫里斯集團（Hennes & Mauritz AB, H&M Group）成立於 1947 年，最初僅仰賴創始快時尚服飾品牌 H&M 的公司，如今已擁有 H&M（H&M Home、H&M Move）、COS、Monki、Weekday、& Other Stories和ARKET 六個獨立品牌，及多項創新商業投資事業，躍身為快時尚服飾產業領先集團之一，並在品牌價值評估諮詢公司 Brand Finance 服飾產業類別之品牌價值排名中，連續兩年榮獲全球第八名的佳績，擁有逾 127 億美元的品牌價值。 截至 2023 年 2 月，海恩斯莫里斯集團在全球擁有 4,383 間門市，分佈在 76 個國家（線下通路跨足 76 國；線上通路跨足 59 國），並藉由豐富的品牌組合，提供各具風格的男女童裝、寵物配件、家居日用品、彩妝等產品線，滿足時尚服飾產業下的多樣化需求。除了快時尚服飾零售本業深耕外，秉持創新挑戰作為成長動能的慣性，海恩斯莫里斯集團便於洞見市場趨勢後，以領先競爭者的步伐積極佈局多種新興事業體，如投資時尚轉售電商平台 Sellpy、成立一站式按需印刷商品服務平台 Creator Studio 等，不斷透過多角化的商業投資驗證集團當前的業務組合，積極尋覓「第二曲線」以求集團長期且永續的經營發展。 本研究以個案分析法談討海恩斯莫里斯集團的經營與發展策略。首先，探討全球時尚服飾產業現況與趨勢，再針對海恩斯莫里斯集團主要事業單位，意即「快時尚服飾」與「時尚轉售電商」所處之細分產業現況進行分析。接著，檢視海恩斯莫里斯集團之細分產業中的主要競爭者，並藉由五力分析深入剖析細分產業的結構、競爭程度和產業關鍵指標，作為後續經營與發展建議的基礎。再者，透過評析海恩斯莫里斯集團之資源與能力，了解其長期競爭優勢的來源，並接續以 BCG 矩陣、能力與產業組合矩陣釐清集團旗下事業單位組合之角色定位，以及未來可能發展策略。之後，回溯海恩斯莫里斯集團之歷史脈絡，探究其成長策略，並接續分析主要事業單位之競爭策略，以透析個別事業單位搶占市場份額與獲利關鍵。最後，就前述分析結果所了解之個案公司所處產業當前環境和個案公司的經營優劣勢，提出海恩斯莫里斯集團未來經營與事業發展策略之建議。 本研究結果指出，海恩斯莫里斯集團過去能夠以快時尚服飾產業的領先地位，穩紮於時尚服飾產業，並於今日展現出迎向新藍海 - 循環時尚的厚實能量，關鍵在於圍繞其經營使命所建構之多種資源與能力的搭配，如：能夠洞察市場趨勢的設計團隊、數據驅動的高效物流體系、共創循環時尚解方的策略夥伴等，內外結合實踐集團的永續發展。展望未來，海恩斯莫里斯集團應迎合市場趨勢創造顧客價值，並加碼投資具潛力市場，重拾快時尚服飾產業競爭地位，同時，善用既有資源助力創新商業的高效發展，當前又以時尚轉售電商 Sellpy 為主，驅動集團在時尚服飾產業中掌握未來成長動能。

H&M Group（Hennes & Mauritz AB）was founded in 1947 and initially relied solely on its flagship fast-fashion brand, H&M. Today, it has expanded to include six independent brands: H&M (including H&M Home and H&M Move), COS, Monki, Weekday, & Other Stories, and ARKET. It is now one of the leading groups in the fast-fashion industry and has been ranked eighth globally for brand value in the clothing industry category by the brand valuation consultancy, Brand Finance, for two consecutive years, with a brand value exceeding $12,704 million. As of February 2023, H&M Group operates 4,383 stores worldwide, spanning 76 countries (76 countries through offline channels and 59 countries through online channels). With its diverse brand portfolio, the group offers stylish clothing for men, women, and children, as well as pet accessories, home goods, cosmetics, and more, catering to the diverse needs of the fashion industry. In addition to its core fast-fashion retail business, H&M Group embraces innovation and challenges as growth drivers. After identifying market trends, the group actively invests in various emerging businesses, such as secondhand fashion e-commerce site Sellpy and the establishment of an on-demand printing merchandise service platform called Creator Studio. Through diversification of its commercial investments, the group constantly validates its current business portfolio, actively seeking the second curve for long-term and sustainable business development. This study employs a case study approach to examine the business operations and development strategies of H&M Group. Firstly, it explores the status and trends of the global fashion industry, followed by an analysis of the specific industry segments where H&M Group's main business units, namely "fast fashion clothing" and "secondhand fashion e-commerce" operate. Next, it examines the primary competitors within H&M Group's industry segments, conducting a deep analysis using the Five Forces framework to understand the structure, competitiveness, and key industry indicators of these segments. Furthermore, by evaluating the group's resources and capabilities, the study aims to understand the sources of its long-term competitive advantages. It then employs the BCG matrix, capability and industry portfolio matrix to clarify the role positioning of the group's business units and potential future development strategies. Subsequently, the study traces the historical context of H&M Group and explores its growth strategies, followed by an analysis of the competitive strategies of its main business units to understand their market share and profit drivers. Finally, based on the analysis of the company's industry environment and its business strengths and weaknesses, the study provides recommendations for H&M Group's future business operations and development strategies. The findings of this study indicate that H&M Group has been established a leading position in the fast fashion industry, firmly anchoring itself in the fashion apparel sector, and now demonstrating a solid potential for embracing the blue ocean - circular fashion. The key lies in the combination of various resources and capabilities built around its business mission, including a design team with the ability to grasp market trends, a data-driven efficient logistics system, and strategic partnerships that co-create solutions for circular fashion, etc. This internal and external integration drives the sustainable development of the group. Looking to the future, H&M Group should adapt to market trends to create customer value, invest in potential markets, and regain its competitive position in the fast fashion industry. Simultaneously, it should leverage existing resources to facilitate the efficient development of innovative business ventures, and firstly focus on the secondhand fashion e-commerce, Sellpy, to drive the group's growth momentum in the fashion sector.