H&M confirms Australian expansion

Located in Broadway Sydney and Bondi, the two stores will take the Swedish brand’s Australian store total to 11, since it launched in the nation back in 2014. A 10th store at Charlestown Square, Newcastle will open in July, said H&M.

The H&M group also plans a net addition of around 425 new stores for the 2015/2016 financial year. Most of the expansion will take place in existing markets. New Zealand, Cyprus and Puerto Rico are planned to become new H&M markets, said the brand.

“For 2016 we see many opportunities, but are also well aware of the challenges that exist,” said H&M CEO, Karl-Johan Persson. “We firmly believe that our customer offering and our investments will lead to increased market share, and will strengthen our position even further during the year.”

H&M currently has 3,610 stores in 61 store markets and 23 online markets across six continents.

Overall, the group employs 148,000 worldwide, of whom 16,000 were new hires in 2015.

By Ben Fitzgerald