H&M announced plans to accelerate the U.S. expansion, opening 36 to 54 new stores 2015, which includes a 63,000-sq.-ft. flagship in New York that will be the biggest unit worldwide. The expansion will include the growth of its Cheap Monday brand, along with the opening of some big new flagships.
Cheap Monday is a big wholesale business in the United States, run by a third party, but H&M is planning on taking back control of the operations, reported Women's Wear Daily.
Cheap Monday opened a New York showroom back in January. Thus far the brand is mostly found in department stores or shop-in-shops.
H&M will also open more stores for its sister brand, & Other Stories, which launched its first U.S. location in Manhattan last year. Thus far, the brand has been well received and will be expanding further.
Having enjoyed a stellar first quarter, the retailer announced a 36 percent jump in profits last month and reaffirmed its commitment to opening 400 new stores worldwide this year.
The company is also working on new designer collaborations that will launch in the fall, as well as a new beauty concept that will replace the current selection.
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