H&M is embarking on further international expansion with its first store in South Africa.
The Swedish fashion group, which has around 2,900 stores in 51 markets, will launch into the South African market in 2015 with a flagship store. H&M did not disclose where it expects to open the store.
Chief executive Karl-Johan Persson said: “We are very excited to announce the opening of an H&M store in South Africa. We see great potential for further expansion in this region. We look forward to bringing fashion and quality at the best price to the customers in South Africa.”
H&M’s UK arm posted strong growth last year with pre-tax profits up by more than 13% in its last financial year and turnover rising “considerably”.
In the 12 months to November 30, 2012, the fast fashion chain saw revenues climb 8.2% to £777.6m, generating a pre-tax profit of £17.7m. Gross margins increased from 1% to 1.2% in that time.