Sweden’s H&M to open its first shop in South Africa at end-2015 - report

By bne IntelliNews July 22, 2013

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.

Read in IntelliNews Pro

Get IntelliNews Pro

Related Articles

South Africa’s MTN to invest $350mn in Iranian broadband

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

South Africa receives another downgrade to junk

Fitch Ratings on April 7 downgraded South Africa to junk status following the removal of Pravin Gordhan as finance minister and the enusing political crisis. Fitch's downgrade to 'BB+' ... more

S&P downgrades South Africa's credit rating to junk after cabinet reshuffle

Standard & Poor’s ratings agency has cut South Africa's sovereign credit rating to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB', both with a negative ... more

Dismiss