Kristina Roberts
Swedish fashion giant H&M recently shared its financial results for the second quarter, showing a small decline in sales compared to last year. The company’s sales between March and May 2025 totaled 56.7 billion Swedish crowns (around $5.99 billion), which was slightly lower than the 59.6 billion crowns it made during the same period in 2024. Analysts had expected sales to be around 57.0 billion crowns, so the actual numbers were just a bit below predictions. However, when looking at sales in local currencies (without considering exchange rate changes), H&M actually saw a 1% increase, showing some positive growth in certain markets.
The company also mentioned that it expects sales in June to grow by 3% when measured in local currencies. This suggests that while the overall performance was slightly weaker than hoped, there are signs of improvement as the year progresses. Along with the sales figures, H&M reported an operating profit of 5.91 billion crowns, down from 7.10 billion crowns the previous year. Still, this was very close to what financial experts had predicted, which was 5.88 billion crowns.
H&M is one of the world’s biggest fashion retailers, second only to Inditex, the parent company of Zara. The fashion industry has been facing challenges lately, with changing consumer habits and economic uncertainties affecting sales. Despite this, H&M has been working on strategies to stay competitive, such as improving its online shopping experience and focusing on sustainability. The company has also been closing some underperforming stores while expanding in markets where demand is stronger.
While the slight drop in sales might seem concerning, the growth in local currencies indicates that H&M is still doing well in many parts of the world. The fashion industry is highly competitive, and companies must constantly adapt to stay ahead. H&M’s ability to maintain steady profits despite economic pressures shows that it is managing these challenges effectively. Investors and analysts will be watching closely to see if the expected June sales growth materializes, as this could signal a stronger second half of the year for the brand.
Meta Hires Three OpenAI Researchers to Boost AI Efforts
In other business news, Meta, the company behind Facebook and Instagram, has reportedly hired three researchers from OpenAI, the creator of ChatGPT. According to the Wall Street Journal, these employees—Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai—were working at OpenAI’s Zurich office before joining Meta. The move comes just days after OpenAI’s CEO, Sam Altman, accused Meta of trying to lure away its employees with big bonuses.
Altman had previously claimed that Meta offered some OpenAI staff up to $100 million to switch companies. While OpenAI confirmed that the three researchers had left, they did not provide further details. Meta has not yet commented on the report. This hiring is part of Meta’s larger push into artificial intelligence (AI), as CEO Mark Zuckerberg aims to build a “superintelligence” team that can compete with other tech giants like Google and OpenAI.
Meta was once a leader in open-source AI models, but in recent years, it has faced setbacks, including delays in releasing new AI tools and losing key employees to rivals. To strengthen its position, the company has been aggressively recruiting top AI talent. Earlier this year, Meta brought in Alexandr Wang, the 28-year-old CEO of Scale AI, to help with its AI projects. The company also invested $14.3 billion to acquire a 49% stake in Scale AI, showing just how serious it is about advancing in this field.
Zuckerberg’s goal is to achieve “artificial general intelligence” (AGI), a type of AI that can perform any intellectual task as well as a human. While this technology is still far from reality, companies like Meta, OpenAI, and Google are racing to develop more advanced AI systems. Altman has even said that he believes Meta sees OpenAI as its biggest competitor, highlighting the intense rivalry in the AI industry.
The hiring of OpenAI researchers could give Meta an edge in developing new AI models. However, it also raises questions about talent wars in the tech industry, where companies are willing to pay huge sums to attract the best minds. As AI becomes more important in shaping the future of technology, these battles for expertise are likely to continue. For now, Meta seems determined to catch up and possibly surpass its competitors in the AI race.
What These Developments Mean for the Future
Both H&M and Meta are navigating challenges in their respective industries. For H&M, the slight dip in sales is a reminder of how competitive the fashion market is, with brands constantly needing to adapt to consumer trends and economic conditions. However, the growth in local currencies suggests that the company’s strategies are working in certain regions, and the expected June sales increase could signal a rebound.
For Meta, the hiring of OpenAI researchers is a strategic move to strengthen its AI capabilities. With Zuckerberg pushing hard to develop superintelligent AI, the company is investing heavily in talent and technology. The competition between Meta and OpenAI is heating up, and the outcome could shape the future of AI development.
These stories highlight how even the biggest companies face ups and downs. Whether it’s fashion or technology, staying ahead requires innovation, smart investments, and sometimes, bold moves like hiring top talent from rivals. As both H&M and Meta continue to evolve, their next steps will be crucial in determining their long-term success.
