H&M plans to open 400 new stores

It has been a good 2014 for H&M — its store and online sales surged ahead last year on growing demand and an expanding network of stores worldwide.

The Swedish fashion giant enjoyed a 17% increase in net profit to nearly 20 billion kronor (US$ 2.43 billion). Sales grew by 18% to 176.6 billion kronor.

The rapid growth in sales reflects not only the popularity of H&M’s fashion collections but also the increase in the number of stores.

H&M added 379 stores last year, mainly in the US and China, bringing its overall network to more than 3,500 outlets in 55 countries.

The expansion strategy continues this year. The company plans to open another 400 new stores, with India, Taiwan, South Africa and Peru among the markets being targeted.

This will be accompanied by the further development of its online business. H&M revealed that its new online stores in France, Spain, Italy and China posted strong returns last year, and similar launches are being planned for eight European countries this year.