H&M continues New Zealand expansion
Swedish fast fashion chain, Hennes & Mauritz AB (H&M), has confirmed its second store in New Zealand will open on September 9.
Located at The Crossing in Christchurch’s CBD, the new location follows the opening of H&M at Sylvia Park Shopping Centre in Auckland last October.
Spanning 2535 square metres and set over two levels; the Christchurch store will house apparel, underwear and accessories for men, women, kids and baby, as well as being the first H&M store in New Zealand to offer the Home concept.
“We are also looking forward to introducing our H&M Home concept to our customers for the first time and cannot wait to see the response on opening day,” said Hans Andersson, Australia & New Zealand Country Manager for H&M.
The global fashion chain entered the New Zealand market in 2016 with the opening of its first store in Sylvia Park Shopping Centre, Auckland, and will open its first store in Wellington at Queensgate Shopping Centre later this year.
In its most recent results, H&M saw revenue including VAT increase by 7 per cent in local currencies during June compared to the same month the previous year.
The total number of stores in the group amounted to 4,517 at the end of June compared to 4,095 the previous year.
In its recent half-year results, sales, including VAT, grew by 9 per cent to SEK113.907 billion (US$13.4 billion) for its first half.
Meanwhile, H&M said it will no longer publish monthly sales figures, instead opting to report its results on a quarterly basis and begin holding capital market days for company shareholders.
Karl-Johan Persson, CEO of H&M, said that a month is “far too short a period over which to assess how sales are developing and in fact, a single month’s sales can actually be misleading, since calendar and weather effects – among other things – may significantly affect the outcome.”
* Originally published on our sister site Inside Retail New Zealand.