H&M will roll out a line of recycled cotton jeans and offer an annual prize of $1.16 million for the best new clothing recycling techniques, said CEO Karl-Johan Persson. It's the latest sustainability move in the fast-fashion world, where brands are concerned with lessening their environmental impact and coping with looming cotton shortages.
H&M is reportedly developing a new brand that could launch by 2017 and that will be "completely different" than its flagship store, says CEO Karl-Johan Persson. The retailer's last new concept, & Other Stories, debuted in 2013.
H&M recently opened its 3,000 global store in China, part of a larger strategy to keep growing in Asian markets where both incomes and demand for new styles are on the rise. The Swedish fashion retailer's sales rose 11% in the quarter ended Aug. 31, and profits jumped 22%, beating analysts' estimates and buoying the company's belief that it's on the right track for future growth, said CEO Karl-Johan Persson.
Stockholm-based fast-fashion retailer H&M plans to open 350 new stores this year, mostly in the US and China, and it will expand its online retail efforts to more countries next year, said CEO Karl-Johan Persson. The company will launch online sales in the US in August.
Hennes & Mauritz, a Swedish fast-fashion retailer, plans to open a store in the Forum Istanbul. "We are very pleased to open our first store in Turkey. It is an interesting market with a large, young and fashion-conscious population, which offers great potential for future expansion," said Karl-Johan Persson, chief executive officer of H&M.