H&M plans to expand global presence

7 April 2016 (Last Updated April 7th, 2016 18:30)

Swedish retailer H&M is planning to open its 4,000th store as it intends to bolster its global presence, as well as e-commerce platform this year.

Swedish retailer H&M is planning to open its 4,000th store as it intends to bolster its global presence, as well as e-commerce platform this year.

The company plans to open more than 400 new stores, and also enhance its e-commerce business to Japan, as well as ten more markets, reported Chainstorage.com.

The firm announced its physical and digital growth plans as it released their financial results for the period ended 29 February.

"Our strong expansion continues, we are gaining market share and we are confident that we can grow at a fast pace both through stores and online."

H&M CEO Karl-Johan Persson was quoted by Chainstoreage.com as saying: "Our strong expansion continues, we are gaining market share and we are confident that we can grow at a fast pace both through stores and online, in existing as well as in new markets, for many years to come.

"The spring will bring many store openings, for example the opening of flagship stores in South Africa, Switzerland, Hungary and India.

"Since 2010 ,we have doubled the number of stores in the group, and this April we will pass another milestone when store number 4,000 opens."

The Swedish company has selected Mall of India in New Delhi for its 4,000th store, which will open this month.

Among its new markets for e-commerce business include Croatia, Ireland, Estonia, Latvia, Slovenia, Greece, Canada, South Korea and Lithuania and Luxembourg.

Based in Stockholm, Sweden, H&M runs outlets under its namesake banner as well as under brands such as COS, Monki, Weekday.

Currently, the Swedish firm has more than 3,900 stores in around 60 markets.