H&M to boost Chinese business

Swedish fashion retailer H&M will continue expanding worldwide, planning 375 new stores in fiscal 2014, mainly in China and the US.

Its bullish outlook came after its third quarter net income rose 20 per cent to 5.3 billion kronor ($742 million).

“Our store expansion plan for 2014 remains intact, with a planned net addition of 375 new stores. During the summer, we opened another flag ship store on Fifth Avenue in New York,” said CEO Karl-Johan Persson.

The Philippines will become a new H&M market in October whereas India, which was supposed to open in the autumn, has been postponed until 2015, says Persson.

H&M also plans to open in South Africa, Peru, Taiwan and Macau in 2015.

The retailer plans to further expand its international sales online.

“This year we have opened four big new H&M online markets (France, Italy, Spain and China) and next year we will open another eight to 10 new H&M online markets,” said Persson.

H&M has opened 209 stores in this year’s first nine months, taking its total to 3341.

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