H and M open first mainland China store in Shanghai
AFP · 12 Apr 2007, 09:36
Published: 12 Apr 2007 09:36 GMT+02:00
"We are very proud to bring fashion and quality at competitive prices to the Chinese people," Rolf Eriksen, chief executive of H and M, said in a statement ahead of the ribbon-cutting ceremony.
"China is a strategic and exciting market with vast potential for expansion and we view this new market as an investment in future growth."
H and M, which targets young hip shoppers and currently has more than 1,300 stores around the world, will open another shop in Shanghai later this month, the company said.
It unveiled its first outlet in Hong Kong last month and will add three more by the end of the year.
Rapidly growing disposable income among China's residents has led some of the world's biggest fashion names to open not only in major metropolises such as Shanghai, Beijing and Guangzhou, but also wealthy secondary cities such as Hangzhou and Suzhou.