H&M eyes online expansion
The slightly-shabbier-than-Topshop-but-dearer-than-Primark chain are opening 10 online portals before this year is out
H&M (Hennes & Mauritz AB) have said that sales in the new markets have “got off to a very good start” and reported a 7% increase in sales to £3.8m across the company in the third quarter.
The shares fell the most in six months as the clothing retailer also reported a decline in third-quarter gross margin to 58.3% from 58.8%. H&M posted net income rose 20% to 5.3bn kronor ($740 million) in the three months through August.
There are also worldwide domination-type expansion plans afoot for the Group’s other brands COS, Monki, Weekday, Cheap Monday and & Other Stories.
There’s even H&M Home, which has been growing at an alarming rate, and there’s 15 more of those planned for 2014.
Karl-Johan Persson, CEO of the H&M cloak of shopping solutions, said the retailers online stores are “a very important complement” to its physical stores as they allow H&M to expand its offering to consumers.