H&M is looking at opening its first store in the southern hemisphere. Chief executive Karl-Johan Persson said Brazil and Argentina were “very interesting”, but H&M is also looking at Australia. At present none of the retailer’s 2,000 stores are located south of the equator.
Persson confirmed that the retailer has the financial resources to make such a move. H&M wants to reduce its reliance on Germany, which now accounts for more than 20% of its sales. The US, Japan and China will be the main focus for expansion, according to Persson.