H&M was not a "consumer-led boycott" - it was an effort by the owners of the digital infrastructure (major ecommerce platforms in this case) to actively hide the existence of H&M stores in China.

The US vs China argument is detrimental in any case. The discussion should evolve into achieving digital sovereignity as a whole, not argue about whether player x or y in the current rotten system is better.

This will most certainly not be solved on an EU level. The only outcome that they could produce would be replacing US & China with EU-controlled narrative and again, it's just repeating the same problem, albeit in lesser severity.