Popular clothing retailer H&M is making a big push into China. The brand, which is the second-largest clothing store in the world, has plans to open most of its upcoming 240 stores in the Asian country.
“We have a positive long-term view on China, our position there is strong, as is our profitability. As far as the overall Chinese market goes in the third quarter we have heard that there has been a slight slowdown from very a strong sales pace increase to somewhat calmer levels,” CEO Karl-Johan Persson said, according to the Wall Street Journal.
The publication reported that H&M’s sales in China grew 11% in the third quarter.
Per the newspaper:
Despite the slowing growth in China’s economy, the apparel industry remains a bright spot. Clothing sales are expected to reach nearly $80 billion in China this year, up 12% from last year, according to PricewaterhouseCoopers’ consulting division.