The Swedish multinational clothing retail company H&M plans to open its first store in Cambodia next year, according to a recent article by local media Phnom Penh Post.
H&M has not disclosed the specific date and location of its first store but Phnom Penh Post writes that the opening will be part of the fashion giant’s business expansion in the region, at a time when world economies are starting to emerge from Covid-19 crisis mode with accelerating coronavirus vaccine rollouts.
In H&M’s first-half report, CEO Helena Helmersson said, “With our much-appreciated collections, our ongoing transformation and the fact that markets are gradually being opened up, our recovery is strong”.
Helena Helmersson noted, “As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores. With the combination of much-appreciated collections, rapid adaptation, and further improvements, our recovery is strong. Despite continued restrictions, sales increased significantly compared with the previous year. The third quarter has started well and we are almost back at the level we were at before the pandemic.”
According to Ken Loo, secretary-general at the Garment Manufacturers Association in Cambodia, H&M has been a long-term supporter of Cambodia’s export-oriented garment industry and would continue to be so for many more years to come, as long as the country can maintain and improve its competitiveness.
“As for the store opening in Cambodia, it signifies strong economic growth with increased domestic consumption by local Cambodians. It would also help improve the state of fashion in the country, particularly for the young generation,” he said.
H&M already has a large presence in the region with 11 stores in Vietnam and 43 in Thailand. The company has been manufacturing its products in Cambodia since the 1990s.