Swedish brand also expects online sales to rise by 25 per cent
World’s second-biggest fashion retailer, H&M, announced plans of revamping its online business as online sales were expected to rise by at least 25 per cent this year and around 20 per cent for each year through to 2022.
The Swedish brand also expects its brick-and-mortar stores to return to growth from next year while investment in its newer brands and website gave “good opportunities for a somewhat better result” than last year.
“Overall, this is expected to lead to good increases in profit,” Chief Executive Karl-Johan Persson said.
The shares of the group, which is controlled by the Persson business family, have slid for three straight years amid saturation and competition on the high street.
“In addition, there are great opportunities for further additional sales from two separate and completely new business models that the company is currently developing”, H&M added further.