Hennes & Mauritz (H&M, Stockholm, Sweden) has opened its first store in Moscow. The grand opening of the 3000-square-foot store is the first of three locations planned for Russia. Two more are expected in Moscow this year and one in St Petersburg in 2010.
“H&M is thrilled to expand into a new fashion oriented market such as Russia and we are pleased to say we have now arrived in Moscow,” says ceo Rolf Eriksen, who will step down from his post at the end of June. “Russia is an exciting market and we see great potential for expansion.”
In addition, the international fashion retailer opened its seventh store in the U.A.E., in Dubai’s Arabian Plaza. Plans also call for five stores this spring in China, including two in Beijing.
H&M was founded in 1947 and operates more than 1600 stores in 32 countries. The Swedish retailer is the third-biggest clothing retailer by sales in the world, after Gap Inc. and Zara.