H&M looks to the online marketplace

|By:, SA News Editor

H&M (HMRZF) is planning to add up to 10 new online markets and a shoe range after a solid performance in its second quarter.

"We have had a good second quarter with a strong increase in both sales and profits and increased market share," says CEO Karl-Johan Persson.

Net profit in Q2 rose 25% to $876M, from $693M in the same period of 2013. Sales including value-added tax totaled $6.7B.

Hennes & Mauritz is planning to open 375 new stores worldwide this year.