As part of the company’s global expansion plan, Swedish fashion retailer Hennes & Mauritz (H&M) will open five stores in China this spring, according to a company press release.
“With retail sales across the globe plunging, many retailers face a bleak future. However, H&M finds the low retail prices as an advantage in poor economic conditions. I won’t say it (the crisis) will help us, but we won’t be hurt so much,” said Rolf Eriksen, chief executive of the company.
“We plan to open five stores this spring in China, including two in Beijing, and will open one more in the autumn.” However, he clarified that currently the company does not have plans to open stores in India. “I believe that we will be there in the future but we don’t have any plans at the moment,” he added.
The Swedish retailer claims to be the third-biggest clothing retailer by sales after Gap Inc and Zara owner Inditex. The company will soon open one store in Moscow and plans to open two more there this year, and one in St Petersburg in 2010, added the release.
— IndiaRetailing Bureau
