All very true Pingu!
The only issue for H&M is when they have a bad news story that others do pick up on - eg the cottage spending. My boss is not bothered by the royals at all, but was shocked (as a stand-alone headline and not having noticed the others’ spending), and googled to see what else H&M had been up to - unfortunately for them the results of “H&M spending” included the baby shower, his expensive accommodation abroad, her engagement dress. Whereas W&K undoubtedly spend as much but (and no offence to them) have done well out of a boring streak of some royal engagements, kids etc. All inoffensive stuff, no breaking the mould.
H&M are a lightning rod for being new. Plus they’ve said they want to modernise the RF (but haven’t seemed any different to the rest), plus they started very popular so any teeny blip puts them under huge scrutiny.
Plus.. as with the boss’ googling... they’ve had limited time to “perform”. So any bad news sends off their stats, as it were.