It is quite clear that while the titles opened doors, H&M failed to grasp that they actually had to deliver quality products and content.
As the losing streak extends more and more big names are backing away and top tier talent is actively avoiding association with H&M. This has the knock-on effect of making the next project a bigger uphill task with fewer, lower-tier resources.
As ever, it is a self-created negative spiral. And the root cause is H&M's fundamental inability to follow good advice provided by professionals who actually know what they are doing!