Barclays has an Underweight rating on apparel company H&M with a price target of SEK 150 and sees a growing threat from second-hand player Vinted. At the same time, the bank has an Overweight rating on e-commerce company Zalando with a price target of EUR 34 and an Equal-weight rating on Asos with a price target of 450 pence.
Vinted’s revenue in Germany increased by 15 percent to EUR 39 million in 2025. Barclays believes that H&M is particularly exposed to the competition after a prolonged period of stagnant sales. Zalando and Asos are considered better equipped to meet the threat.
