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.
Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more
South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more
South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more