Hennes & Mauritz (H&M), the world’s second-biggest fashion retailer, plans to step up the pace of its online expansion next year to catch up with rivals in e-commerce.
The Swedish budget fashion firm also said on Wednesday that sales in June had got off to a good start after it reported second-quarter profit in line with analysts’ forecasts due to brisk spring sales and increased market share.
H&M, which was slower than many of its peers to start selling online, said it would launch websites in eight to 10 markets in 2015 after rolling them out in Spain, Italy and China later this year.
It currently has an online presence in 10 markets, in many parts of Europe and the United States.
H&M Chief Executive Karl-Johan Persson said, “Both our physical and online stores were profitable, adding that the group had seen some loss of sales in stores as customers turned to its online channel. It’s likely to continue for many years with younger people who grow up with more online shopping, but we still have a big belief in the physical stores so I think we can have a good development in both.”
H&M is investing heavily to develop new online sites and broaden its product offering with other brands such as COS, & Other Stories and H&M Home. It plans to open 375 stores this year, opening for the first time in the Philippines and India in the second half of the year.
