Asia is taking on increasing importance for Swedish retailer H&M, which this week reported an eight per cent profit rise.
Sales have got off to a good start with an increase of 12 per cent in local currencies in the first quarter in a fashion retail market that in many places is still characterised by a challenging macroeconomic situation, said CEO Karl-Johan Persson.
The company is gearing up to launch its online shop in China at the end of the year.
This year will also see the company open 375 new stores worldwide including on East Nanjing Rd in Shanghai.
New H&M countries for 2014 will be Australia in April and the Philippines and India during the second half.
It is also slated to open its first Cos store in South Korea.
“We have a strong customer offering with many great collections and we are constantly working to further develop and broaden our product range,” said the CEO.