Swedish fashion retailer H&M, famous for offering fashion-forward apparel at affordable prices, will open its first store in Georgia in 2017.
Official information from the company stated the fashion retailer would enter new markets next year and open debut stores in Georgia, Colombia, Iceland and Kazakhstan.
More information will follow in due course,” read a press release published by H&M on its official website.
Georgian Co-Investment Fund’s (GCF) subsidiary Tbilisi Plaza LLC and H&M (Hennes & Mauritz AB) signed an agreement according to which H&M will open a store in Galleria Tbilisi mall in 2017.
Galleria Tbilisi was one of Georgian Co-Investment Fund’s ongoing investment projects in hospitality and real estate sector, with a total investment size of $80 million USD. The grand opening of the mall was scheduled for September 2017.
H&M was the first retailer with which the agreement was reached. In order to make Galleria Tbilisi the most attractive shopping destination for the visitors, GCF and Tbilisi Plaza LLC will continue working on attracting more new retailers to Georgian market, offering them an opportunity to establish presence in one of the city’s most exclusive shopping districts, said the GCF.
In the company's press release H&M Group revealed expansion plans for 2016.
For full-year 2016 the H&M Group plans a net addition of around 425 new stores, with most of the expansion taking place in existing markets. China and the US will once again be the markets with the most new stores," said H&M Group.
Today there are six H&M unique fashion brands, more than 4,200 stores in 64 markets and e-commerce in 35 countries.