H&M CEO Karl-Johan Persson thinks there's a lot of room left for the company to expand, enough to ultimately double its store base.
"I think we will go to 7,000, 8,000 stores plus and beyond," Persson told Bloomberg. "We're not stressed to reach a certain size or to be number one but it's still expansion ahead of us."
H&M's current plan is to increase the store count 10 to 15 percent annually and could reach this goal in the next five years.
The fast-fashion label has been investing in brick-and-mortar and has been slow to expand in the digital channel. It just announced this week that it would begin e-commerce sales in Canada.
Beyond the flagship H&M banner, the company is investing in new store formats. The COS and & Other Stories concepts have been growing in the U.S. and there's another free-standing brand in the works that won't be revealed until later this year, Persson said. Stores under the new banner are expected to open in 2017.
- see this Bloomberg story
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