Sweden’s H&M will open 70 stores in China in the fiscal year ending November 2015, and the largest Asian store yet will open in Causeway Bay, Hong Kong, on 30 October.
H&M is approaching the opening of its 300th store in China as the Swedish fashion retailer sees its brand of clothes to affordable prices appealing to cost-conscious shoppers in the slowing economy in China. Despite the fact economic slowdown, H&M is confident.
“The customer tells us that they really enjoy spending with H&M, they plan to shop more in the future,” says Magnus Olsson, H&M country manager for Greater China. “Those signs we think override some other maybe noise in the market place right now. We’re humble but confident.”
H&M group’s sales in the nine months to August rose 22 per cent globally; expressed in local currency, by 12 per cent.
H&M shares have fallen 8.1 percent year to date, underperforming the benchmark OMX Stockholm 30 Index’s 5 percent drop. The Swedish retailer has more than 3,600 outlets worldwide.