Fashion giant H&M will soon launch its third brand in Australia – & Other Stories.
According to the brand’s Annual and Sustainability Report, the launch is in partnership with online local retailer The Iconic. This strategy follows the Cos’s debut last year when the brand first launched its Australian online shopping experience, after being available via a marketplace for seven years.
“We will continue to make investments in new business models, materials and technologies that have the potential to drive radical shifts in how we make and remake our products, and how our customers can experience fashion,” H&M CEO Helena Helmersson said in the report.
“Alongside these efforts, we will keep working for increased levels of transparency to empower customers to make more informed decisions about the products they buy.”
H&M, which has more than 4000 locations worldwide, says it plans to open about 100 new stores this year and close around 200, for a net drop of around 100. The majority of openings will be in emerging areas, whereas the majority of closures will be in mature economies.
H&M reported a surprise operating profit for the December-February period last week, despite lacklustre demand as consumers cut back on spending due to rising inflation.
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