In a statement, H&M said, "We completely understand and agree with his reaction to the image." The Swedish low-cost fashion brand added that it would "continue the discussion" with The Weeknd and his team.
"We are deeply sorry that the picture was taken," H&M said.
NBA star LeBron James, rapper Diddy and other artists have also responded with outrage to the image.
James posted a refreshed image showing the model wearing a crown. Diddy posted an image with a sweatshirt revised to read "Coolest king in the world."