Hennes & Mauritz AB (H&M), Swedish fashion retailer, announced that it is planning to open its first store in Bosnia and Herzegovina in 2019.
“For 2019 Bosnia and Herzegovina is planned to become a new H&M market,” stated H&M’s six month financial report, issued on the 28th of July.
According to local media reports, H&M has already registered a local subsidiary, H&M Hennes & Mauritz B&H, with headquarters in the capital city of Sarajevo.
Within the South East Europe region, the fashion giant is currently present in Bulgaria (20 stores), Croatia (15 stores), Romania (56 stores), Serbia (13 stores) and Slovenia (12 stores).
In March this year, H&M announced plans to continue its expansion in Serbia, opening a new store within the retail complex Ada Mall in Belgrade in autumn 2018.
For the full-year 2018, the group plans to open around 390 stores and close 150 existing units, resulting in a net addition of around 240 stores for the year. Most of the new openings will be H&M stores in emerging markets, with around 40 featuring H&M shop-in-shops. In parallel, the store portfolio is being optimized in regards to the number of units, store spaces, rebuilds and re-locations.
H&M was founded in Sweden in 1947 and is quoted on Nasdaq Stockholm. H&M’s business idea is to offer sustainable, good-quality fashion accessible to the masses. In addition to H&M, the group’s brand portfolio includes eight more independent labels: COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M Home, ARKET and AFound.
H&M group has 44 online markets and more than 4,800 stores in 69 markets including franchise markets. In the first half of the financial year 2017-2018, the group’s sales amounted to SEK 114,017 million. The number of employees exceeds 171,000.