H&M is getting ready for a big push into China

September 24, 2015, 4:49 PM UTC
Shoppers Inside H&M During The Grand Opening Of New Flagship Store on Fifth Avenue
Women's clothing is displayed on mannequins during the grand opening of the Hennes & Mauritz AB (H&M) flagship store in New York, U.S., on Thursday, July 17, 2014. At 57,000 square feet, the new flagship located at 589 Fifth Avenue is the worlds largest H&M store. Photographer: Victor J. Blue/Bloomberg via Getty Images
Photograph by Victor J. Blue — Bloomberg via Getty Images

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.

In May, Fortune reported how H&M has plans to recruit thousands of new employees to work for the company. Fortune also covered its meteoric level of new store openings in Manhattan.




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