“Sales in the second quarter increased by 10 per cent in SEK to more than SEK 59 billion including VAT. In local currencies, sales increased by 5 per cent. Profit after financial items increased by 10 per cent to SEK 7.7 billion. Sales in UK, Scandinavia and Eastern Europe as well as in many of our growth markets were good. However, it was more challenging in several of our major markets such as US, China, Netherlands and Switzerland. H&M’s online sales developed very well and continued to increase its share of total sales. The development of COS, & Other Stories, Monki, Weekday and H&M Home remained very strong, both in stores and online," said Karl-Johan Persson, CEO.

H&M’s online store opened in six new markets during the spring - Turkey, Taiwan, Hong Kong, Macau, Singapore and Malaysia – and is now available in 41 markets. Apart from these, online stores will open in Philippines and Cyprus. It is estimated that the group’s online sales will grow by at least 25 per cent per year going forward.

India will be a new H&M online market in 2018. Additional new online markets will open in 2018. New H&M store markets planned for 2018 are Uruguay and Ukraine. The company's new brand ARKET will be launched in 2017 with five stores and 18 online markets.

Fibre2Fashion News Desk – India