H&M Moves Up with Madonna
A partnership with the Material Girl is part of the fast-fashion chain's strategy as it launches an upscale unit in Europe and expands into Asia
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Swedish retail giant H&M Hennes & Mauritz is facing tougher competition and slowing sales growth. So the king of affordable "fast fashion" is raising the ante with a long-awaited expansion into Asia, a new upscale chain in Europe, and a high-profile collaboration with pop star Madonna.
On Dec. 11, Europe's second-largest apparel chain elaborated plans to bring its brand of affordable fashion to the Far East for the first time. H&M will open stores in China and Hong Kong next year, followed in fall, 2008, by its first Japanese store, in Tokyo's Harajuku shopping district.