The fast-fashion retailer plans to continue expanding its Southeast Asia presence, with work ongoing for the opening of its first Cambodia store next year.
According to the company’s first-half report, H&M will enter the country via a franchise agreement. The expansion plan follows the launch of H&M on e-commerce platform Zalora across Indonesia, the Philippines, Malaysia and Singapore.
“As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores,” said Helena Helmersson, CEO of H&M.
“The store opening in Cambodia signifies strong economic growth with increased domestic consumption by local Cambodians,” Secretary-General at Garment Manufacturers Association in Cambodia, Ken Loo, told The Phnom Penh Post, reacting to the news. “It would also help improve the state of fashion in the country, particularly for the younger generation,” he said.
In the second quarter ending in May, the Swedish retailer recorded 75 percent growth in sales with online sales up by 40 percent, despite a slump in Mainland China.
