H&M to open five outlets in China

Published: 25 Feb 2009 18:15:12 PST

Feb. 25, 2009 (China Knowledge) - Swedish clothing retailer Hennes&Mauritz AB (H&M) plans to open five outlets in China to expand its business in Asia and maintain global business growth amid the economic downturn.

H&M will set up a flagship store and one other store in Beijing, the capital of China, in April. The company will open two new stores in Shanghai and a new flagship store in Hong Kong within the year.

According to H&M's expansion plan, it will open 225 stores worldwide in 2009. So far, it operates thirteen franchised stores in China and 1,700 stores globally. In the latest fiscal year, the company realized US$1.8 billion in net profit, 13% more than in the previous fiscal year.

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