Sweden’s Hennes & Mauritz (H&M), the world’s second-largest fashion chain, has signed a lease contract to open its first store in South Africa, Sunday Times reported, quoting unnamed sources.
The store will be opened in the Mall of Africa, which is currently being built by Atterbury Property Holdings in Johannesburg, and is planned to be opened at the end of 2015. H&M is reportedly also looking for suitable premises in Cape Town.
H&M's biggest rival, the world’s largest fashion retailer Inditex, opened its first Zara store in Africa, in South Africa, in 2011.
H&M, which operates in more than 40 countries, opened its first store in the southern hemisphere, in Chile, in March 2013 and is expected to expand further around the world. In May, H&M CEO Karl-Johan Persson told the Financial Times that the group was considering starting production in South America and Africa.
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