Hennes to open in Japan

Swedish retail clothing giant Hennes and Mauritz (H & M), known for its trendy and affordable fashions, will open its first store in Japan in the autumn of 2008, it said in a statement.

The store will be located in the Tokyo neighborhood of Harajuku, an area popular among Tokyo’s trendy youths and not far from Omotesando, an ultra-chic shopping avenue in the capital.

“H & M is negotiating for other contracts in Tokyo,” the company said.

“Japan is an exciting market for H & M with fashion conscious consumers with great spending power. With a population of 128 million of which almost 13 million in Tokyo, we see great opportunities for expansion in this part of the world,” the company’s chief executive Rolf Eriksen said.

H & M has more than 1,300 stores in 24 countries around the world.


Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reportedĀ a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.