Fashion retailer Hennes & Mauritz AB said on Thursday it plans to expand its business over the coming year by increasing online sales and opening new stores, particularly in its largest markets, the US and China.
CEO Karl-Johan Persson says the Swedish company is in a "very intensive investment phase" and plans to open 8 to 10 online markets next year on top of 375 new stores in locations worldwide. H&M opened new online markets this year in France, Italy and Spain and China, which received "a very good response from customers," Persson said.
The company opened another flagship store on Fifth Avenue in New York in the summer and said expansion plans were on track with most new stores opening in its largest markets, China and the US. It also plans to begin operations in the Philippines in October and in South Africa, Peru, Taiwan and Macau next year.
(Source: CNBC)