Hennes & Mauritz AB, also known as H&M, is a Swedish clothing company known for offering the latest fashion trends. H&M specializes in taking advantage of the season’s latest looks inspired by design houses around the world and providing women, men, and children contemporary clothing styles at low prices. With H&M retail stores located in several countries and a product line extending from casual to formal wear, H&M has established a strong presence worldwide. The fast-growing retail brand is operating in 2,470 stores in 47 markets. The firm, not owning any of the manufacturing facilities, has been sourcing its merchandise from both Asia and Europe.
H&M opened its first store carrying women’s clothing in 1947 as Hennes (Swedish for hers). With the brand’s expansion, it later on bought out, Mauritz Widfross, a hunting and men’s clothing store, to cater to the male market. The target growth of H&M is set at an annual rate of 10-15%, in both store numbers and revenues. H&M’s growth target is to increase the number of stores by 10–15 percent per year, and at the same time increase sales in comparable units. This self-financed financed expansion highlights quality, sustainability, and continued high profitability. The latest development of the company focuses on the opening of the first South Florida flagship store in Miami Beach on November 8, 2012 and another branch within Aventura Mall, in the following month.