News & Scoops
2012 March 29
H&M to Unveil New Store Concept in 2013
(NEW YORK) The rumors percolating earlier this week about a new H&M store concept have proven true: today, Hennes & Mauritz AB announced plans to unveil a new chain of stores in 2013. Details are essentially under wraps, with not even a name yet announced to press, but H&M chief executive officer Karl-Johan Persson told WWD that the chain will "complement the other offerings from the group," which include COS, Monki, Weekday and Cheap Monday. It is widely believed that this brand will focus on more luxury-minded merchandise at a higher price point.
This news comes as high cotton prices, markdowns, additional investments, and other economic factors resulted in a first quarter gross margin decline from 57.8% to 55.8%. Profit after financial items rose 4.6%, to $544 million. Sales, including VAT, grew 3% to $4.8 bilion.
ASHLEY BAKER
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The Shape of Things to Come, With Haute Label dMondaine
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Áslaug Magnúsdóttir, co-founder and formerly CEO of Moda Operandi, has left the company...Carissa Rosenberg Tozzi, formerly entertainment director at Seventeen, has been promoted...
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Another Cannes Jewelry Theft: $2.6 Million de Grisogono Necklace Disappears
Catch them if you Cannes! A second jewelry theft has taken place at Cannes and this time it was a $2.5 million de Grisogono necklace.
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