Fast fashion retailer H&M has announced it will open two new stores in Sydney by August this year.
The Broadway Sydney and Bondi stores follow the nine stores the brand has already opened across Australia since it launched Down Under just two years ago. A 10th store at Charlestown Square, Newcastle will open in July.
Last October, the Swedish retailer opened its Australian flagship store in Sydney’s CBD on Pitt Street.
The three-storey store, spanning 5000sqm, is one of the biggest H&M stores in the world. The brand has 3,610 stores in 61 store markets and 23 online markets across six continents.
Prior to the Australian flagship store opening, H&M went on a local hiring spree, employing an extra 1000 staff as part of national expansion, bringing the local team to 1400.
Overall, the group employs 148,000 worldwide, of whom 16,000 were new hires in 2015.
Sales in Australia increased to SEK 1.133 billion ($184.59 million) in 2015, up from SEK 458 million ($74.6 million) the previous year.
H&M’s Australian expansion is just one piece of the puzzle for the brand which has a global growth target to increase the number of stores by 10–15 per cent per year.
“For 2016 we plan a net addition of around 425 new stores, most of them in existing markets,” CEO Karl-Johan Persson said.
“For 2016 we see many opportunities, but are also well aware of the challenges that exist. We firmly believe that our customer offering and our investments will lead to increased market share, and will strengthen our position even further during the year.”