Hennes & Mauritz AB (OTC:HNNMY) (OTC:HMRZF) disclosed launching its online and offline stores in Brazil by 2025.
The fashion retailer aims to expand its presence in Latin America by initially entering major cities in Southeast Brazil and partnering with Dorben Group.
H&M opened its first store in Latin America in Mexico in 2012 and currently has a presence across Chile, Costa Rica, Peru, Colombia, Uruguay, Ecuador, Guatemala, and Panama.
"We are thrilled to announce that we are opening our first store and online in Brazil in 2025. We've had good development in Latin America and see great potential in Brazil. This is a very exciting step, and we look forward to bringing H&M's concept of fashion, quality and sustainability at the best price to many customers in the country," says Helena Helmersson, CEO.
Last month, the company reported a 6% year-on-year increase in Q2 FY23 sales to SEK57.6 billion.
Price Action: HNNMY shares closed lower by 1.15% at $3.44 on Friday.