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H&M

H&M to launch in Singapore in 2011

Swedish clothing retail giant Hennes & Mauritz has announced its first foray into the south-east Asian market by opening a store in Singapore.

H&M to launch in Singapore in 2011

The store will be located in Orchard Building on Orchard Road in central Singapore’s main shopping district, according to a company statement.

“We look forward to opening our first store in South East Asia. There is great potential for expansion in this highly populated and fashion conscious region, and Orchard Road in Singapore is the perfect first step for this,” said Karl-Johan Persson, CEO at H&M.

The new store is planned to open during the autumn of 2011 and will have a sales area of approximately 3,000 square metres.

The Swedish retail giant is run by the Persson family and now operates around 2,000 retail outlets worldwide. While much of its clothing is manufactured in Asia, the Singapore store is the firm’s first outlet in the south-east Asia region.

The firm employs about 76,000 people and in 2009 its turnover amounted to 118.7 billion kronor ($17.3 billion).

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H&M

H&M competitor to sponsor Sweden’s Olympic team

Six months after establishing itself in Stockholm, Japanese clothing brand Uniqlo has announced it will sponsor Sweden’s athletes at the 2020 Olympics.

H&M competitor to sponsor Sweden's Olympic team
Anna Hasselborg of Sweden's curling team tries out new kit supplied for the country's athletes by Uniqlo. Photo: Henrik Montgomery/TT

The clothing chain, one of the world’s fastest-growing retail companies, is also set to open more stores in the Scandinavian country.

“Swedes are so sophisticated and warm-hearted,” Uniqlo Europe CEO Taku Morikawa said, stressing how welcome his company has been made to feel.

Morikawa was in Sweden to present the partnership between Uniqlo and the Swedish Olympic Committee at an event at Uniqlo’s store on Hamngatan in Stockholm.

Sweden’s athletes wore teamwear supplied by H&M at the last two Olympic Games.

The Stockholm store, Uniqlo’s first in the Nordic region, opened its doors in August 2018. An expansion is now planned on the Swedish market, although Morikawa declined to reveal where.

“We definitely have plans to open more stores here,” he said.

A store will also open in Danish capital Copenhagen in the coming spring as Uniqlo’s holding company Fast Retailing continues its global expansion.

Sales figures in Sweden’s clothing retail sector have seen a downward trend in recent years, with an exception in 2015.

H&M is usually cited as one of Uniqlo’s main competitors.

The impact of a new player on an already-competitive market is difficult to predict, according to the Swedish Trade Federation (Svensk Handel).

“Locally, competition is sharpened, but competition is already fierce. I would be inclined to say that this type of partly new concept store can, instead, help to revitalise the physical retail sector for clothing,” the association’s head economist Johan Davidson said.  

READ ALSO: H&M profit down sharply despite rise in online sales

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