Swedish Fashion Retailer H&M Set To Open In South Africa.

Swedish fashion retailer, #H&M, is set to enter the sub-Saharan African market by opening its first store in Johannesburg in 2015, the company said on Thursday.The cheap’n'chic retailer said it had signed a contract for a store in Johannesburg, but it was also looking at opening in Cape Town. It therefore could not say which store would open first.

H&M was the latest in a line of foreign-owned retailers to take advantage of Africa’s growing middle-class through its gateway – South Africa. Walmart, Zara and Topshop have already established a presence in SA.

Zara arrived in SA in late 2011, while UK-based fashion retailer, Topshop, launched in 2012.H&M said it saw great potential in the market.

“We see great potential for further expansion in this region. We look forward to bringing fashion and quality at the best price to the customers in South Africa,” H&M’s Chief Executive, Karl-Johan Persson, said in a statement.

The first store would be a full concept flagship store, the company said. It is believed the shop would be located at the R3.5 billion, Mall of Africa, being built in Midrand.The mall, financed by Nedbank Corporate Property Finance, is SA’s largest single-phase shopping mall development.
H&M’s only other stores on the African continent are in Egypt and Morocco.

The company has 2 908 outlets globally.

-Sapa, www.bdlive.co.za