Popular European high street retailer H&M does not have 'concrete' plans to open up stores in Australia.
After a host of well-know brands from overseas sprouted up in Australia, such as Zara and Topshop, speculation began to build that perhaps the fashion giant may set its sights on Australasia.
However, despite an H&M spokesman saying Australia was an interesting market, it confirmed to Ragtrader that it does not have any firm plans to open a store.
“Australia is one of many interesting markets for H&M, but as of now there are no concrete plans to open stores there,” an H&M spokesman said.
Before H&M decides to move into a new market, an assessment is made of the market’s potential. Factors such as demographic structure, purchasing power, economic growth, infrastructure and political risk are analysed.
H&M, which does not own any factories, but instead buys its goods from about 700 independent suppliers, primarily in Asia and Europe, was established in Sweden in 1947 and offers affordable fashion to men, women and children within 2,300 stores across 41 markets.
The collections are created centrally by about 100 in-house designers together with buyers and pattern makers.
H&M does not offer online shopping to Australia and New Zealand and the spokesman said there are currently no plans to change this.