Swedish fashion retailer Hennes & Mauritz AB will be opening a New Zealand store next year. In addition it plans to enter two other markets. This follows other iconic brands like Topshop and Tiffany launching in NZ.

The multinational retailer, which is the second largest clothing retailer in the world, posted that third-quarter sales grew nearly 20 per cent as the company grabbed more market share, with plans for further expansion.

Net profit remained flat at 5.30 billion kronor (NZ$984.23 million), corresponding to 3.21 kronor per share, largely because of increased costs caused by a strong US dollar, while revenue surged to 46 billion kronor from 38.8 billion a year earlier.

Gross profit amounted to 25,712 million kronor, an increase of 14 per cent.

This corresponds to a gross margin of 55.9 per cent.

Profit after financial items was at the same level as last year and amounted to 6,936 million kronor.

H&M’s first stores in Macau were very well received on its openings in the quarter.

The company says it plans to open some 400 new stores by year-end and that the H&M Beauty section launched successfully in July, expanding to some 700 stores in 28 markets.

H&M CEO, Karl-Johan Persson, said Thursday that sales in the quarter were hit by unusually warm weather in August in many large European markets but had picked up again and “we are looking forward to an exciting fashion (northern) autumn”.

H&M has more than 3500 stores in 57 countries, and is known for its affordable fashion offerings as well as collaborations with guest designers and celebrities.