Medium to High threat of substitute : though there are competitors like Zara, F21, Topshop ; none of them are quite like H&M in the sense that their styles are all different (H&M is more casual, while F21 is more geared towards the youth, Topshop is more classy and Zara is straight out of runway). Therefore, innovating in its own style is for H&M a sure way to secure the market shares they’re already holding. However, for a consumer who doesn’t belong to any specific style, each shop has clothes that can interest them, and thus represents a threat of substitution for H&M.