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H&M to launch in Singapore in 2011

Swedish clothing retail giant Hennes & Mauritz has announced its first foray into the south-east Asian market by opening a store in Singapore.

H&M to launch in Singapore in 2011

The store will be located in Orchard Building on Orchard Road in central Singapore’s main shopping district, according to a company statement.

“We look forward to opening our first store in South East Asia. There is great potential for expansion in this highly populated and fashion conscious region, and Orchard Road in Singapore is the perfect first step for this,” said Karl-Johan Persson, CEO at H&M.

The new store is planned to open during the autumn of 2011 and will have a sales area of approximately 3,000 square metres.

The Swedish retail giant is run by the Persson family and now operates around 2,000 retail outlets worldwide. While much of its clothing is manufactured in Asia, the Singapore store is the firm’s first outlet in the south-east Asia region.

The firm employs about 76,000 people and in 2009 its turnover amounted to 118.7 billion kronor ($17.3 billion).

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BUSINESS

Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reportedĀ a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.

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