Swedish fashion retailer H&M targets new flagship store in Hanoi

THE HANOI TIMES — Swedish multinational fast fashion retailer H&M Group wants to launch a flagship premium store and expand its digital business platform in Hanoi, said Saed El-Achkar, Regional Manager and CEO of H&M Greater China & East Asia Regions.

These tasks would help the company scale up its local operations after being present in Vietnam for nearly two decades, the executive said at a meeting with Truong Viet Dung, Vice Chairman of the Hanoi People’s Committee on September 3.

H&M Group has invested a total of VND600 billion (US$22.7 million) in its Vietnamese operations because the company sees Vietnam as one of its key markets in Southeast Asia, Saed El-Achkar added.

The Swedish fashion brand has opened 14 retail and showcase stores in Vietnam since 2017, combining physical outlets with online business and local production, the regional CEO said.

Saed El-Achkar added that H&M Group seeks clear guidance and support from the Hanoi government to facilitate the rollout of its new retail and digital initiatives.

For his part, Hanoi's Vice Chairman Dung welcomed and hoped that H&M Group’s business ideas will be realized. 

"Hanoi is a major consumer market with strong potential for H&M’s products," he said. "The city gives priority to developing a digital economy and modern logistics infrastructure to boost socio-economic growth."

Dung expressed high expectations that H&M Group would be able to expand its digital business platform as the approach aligns closely with Hanoi’s current development trends.

The Hanoi vice chairman was confident in the success of the Swedish brand, and reaffirmed the local government’s commitment to supporting H&M with its investment and expansion, ensuring benefits for both sides.