Swedish fashion retailer H&M has confirmed it will soon land on Australian shores.
While the rumor mill has been in overdrive over H&M's expected arrival, the global chain officially announced its plans via its Facebook page late last night (Australian time).
The post revealed the brand will launch a retail presence in Australia next year:
“We are happy to announce that we will open our first H&M store in Australia in 2014! Stay tuned for more details.”
As previously reported on ragtrader.com.au, the retailer has divulged that it finds Australia “one of many interesting markets for H&M”.
The fashion powerhouse is also expected to be well-prepared to take on the local competition.
As previously revealed on ragtrader.com.au, 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.
The move by H&M will also see it join fellow European fashion giants Zara and Topshop, which have both recently been tightening their grip on the local market.
As previously reported in Ragtrader [March 2013] Zara has also recently committed to launch a further two stores in Australia this month, with the first to open in Canberra, followed by another outlet in Melbourne's Highpoint shopping complex.
The March openings will bring the total of Zara stores in Australia to eight in just under two years.
H&M was established in Sweden in 1947 and offers affordable fashion to men, women and children across approximately 2,818 stores, in over 41 markets.