The new Shanghai store

H&M Plans More for Asia

Swedish fashion retailer Henes & Mauritz is planning more stores in Asia and believes that China will eventually be comparable to its European business.

The Swedish underwear-to-suits clothing chain opened its first store in Sweden in 1947. Speaking at H&M’s Shanghai store due to open Thursday, CEO Rolf Eriksen said the cheap/chic retailer had room to boost its efficiency and was likely to maintain the global gross profit margin achieved in its latest quarter.

H&M shares gained 1.06 percent in Stockholm by 0815 GMT, outperforming a 0.50 percent rise in the broader Stockholm market index.

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