H&M Stays Upbeat in Tough Times

Many retailers, facing the worst recession in decades, are scaling back their global ambitions. Not Swedish affordable-fashion chain Hennes & Mauritz (HMB.ST). Instead, new CEO Karl-Johan Persson—the 34-year-old grandson of H&M's founder, who took over the top job on July 1—intends to ramp up international expansion in the second half of this year, opening up 159 new stores by the end of November in addition to the 84 outlets launched in the first half of 2009.

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