Swedish fast-fashion giant H&M is looking to expand its presence in Ho Chi Minh City, one of Vietnam’s most affluent and dynamic retail markets, as part of its broader Southeast Asia growth strategy.
Local sources say H&M Vietnam is actively exploring opportunities to open new stores in the city’s prime commercial areas. The brand currently operates 14 stores nationwide, and sources say the brand is aiming to grow that number to 20 in the coming years, with a strong focus on central Ho Chi Minh City.
The retailer is reportedly navigating local leasing procedures and regulatory requirements to facilitate its expansion.
A spokesperson for H&M told Inside Retail: “As one of H&M’s important production markets, Vietnam plays a crucial role in the brand’s global value chain. The Swedish fashion company remains committed to contributing meaningfully to the country’s vibrant fashion and retail landscape, with a long-term focus on sustainable growth and collaboration.”
H&M entered the Vietnamese market in 2017, but its store footprint remains relatively modest compared to other markets in the region, including Malaysia, Thailand, and the Philippines.
Globally, the brand continues to rebound, with operating profit rising 40 per cent to US$523 million in the third quarter of this year. Operating margin also improved, climbing from 5.9 to 8.6 per cent.
