Fashion giant H&M is set to launch its third brand in Australia – & Other Stories – in partnership with online local retailer The Iconic. This follows the brand's debut last year when it first launched its Australian online shopping experience, after being available via a marketplace for seven years.

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H&M CEO Helena Helmersson said in the brand’s Annual and Sustainability Report, “We will continue to make investments in new business models, materials and technologies that have the potential to drive radical shifts in how we make and remake our products, and how our customers can experience fashion. Alongside these efforts, we will keep working for increased levels of transparency to empower customers to make more informed decisions about the products they buy.”

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The fashion giant, which has more than 4000 locations worldwide, plans to open about 100 new stores this year and close around 200, for a net drop of around 100. The majority of openings will be in emerging areas, whereas the majority of closures will be in mature economies.

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Last week, H&M reported a surprise operating profit for the December-February period, despite lacklustre demand as consumers cut back on spending due to rising inflation.

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The news of the launch of & Other Stories in Australia comes as the fashion industry continues to grapple with the effects of the pandemic. According to the Australian Bureau of Statistics, retail turnover fell by 3.1% in February 2021, compared to the same period last year.

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However, the launch of & Other Stories in Australia is a sign of optimism for the industry. It is hoped that the new brand will help to boost consumer confidence and encourage shoppers to return to the high street.

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Sources:

Australian Bureau of Statistics. (2021). Retail Trade, Australia, February 2021. Retrieved from https://www.abs.gov.au/ausstats/abs@.nsf/mf/8501.0

Inside Retail. (2021). H&M to bring a third brand Down Under – & Other Stories. Retrieved from https://insideretail.com.au/stores/hm-to-bring-a
Sources: https://insideretail.com.au/stores/hm-to-bring-a-third-brand-down-under-other-stories-202304