Fashion retailer Hennes & Mauritz (H&M) said it plans to expand its business over the coming year by increasing online sales and opening new stores, particularly in its largest markets, the US and China.

Chief executive Karl-Johan Persson said the Swedish company is in a 'very intensive investment phase' and plans to open eight to 10 online markets next year on top of 375 new stores in locations worldwide, reported the Gulf Daily News (GDN), our sister publication.

“Within online shopping, we are in the midst of an exciting expansion,” Persson said.

“We see our online store as a very important complement to our physical stores as the online store makes it possible for us to increase our level of service and availability to our customers.”

His comments came as the company reported a near 20 per cent increase in third-quarter net profit to 5.3 billion kronor ($742 million) from 4.4 billion kronor in the same period a year earlier. Sales grew to 38.8 billion kronor from 32 billion kronor a year earlier.

H&M opened new online markets this year in France, Italy and Spain and China, which received 'a very good response from customers,' Persson said. - TradeArabia News Service