In a market report on Thursday, bosses said around 200 new openings are planned for 2020, mainly in growth markets, while at the same time consolidation will continue with around 175 planned store closures. The net addition of new stores for 2020 is expected to be around 25, while the first H&M store is planned to open in Panama at the end of the year. "The H&M group’s transformation work continues to bear fruit. H&M shares surged on Thursday morning after the company announced a hierarchal reshuffle that will see chief executive Karl-Johan Persson replace the role of his father, Stefan Persson. Stefan Persson's father, Erling Persson, founded H&M in 1947, laying the foundations for what would become the world's second largest fashion business, after Zara-owner Inditex.

Source: Daily Mirror January 30, 2020 11:37 UTC