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H&M to launch in India

H&M is to open its first store in India later this year, the latest in a series of key openings for the chain.

The Swedish retailer will open a flagship in the country later this year but has not revealed exactly where or when. This year H&M will also open its first store in the Philippines and Australia.

Chief executive Karl-Johan Persson said: “We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential.”

The retailer is present in 53 markets across the globe and has more than 3,100 stores employing more than 116,000 people.

In its most recent results, published on January 30 for the year to November 30, 2013, H&M recorded a profit after financial items of Skr 22.53bn (£2.11bn), up on last year’s Skr 22.29m (£2.09bn).

Group sales reached Skr 128.6bn (£12.08bn), an increase of 6% on the previous year.

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