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Fashion Retailer H&M’s Q1 Operating Profit Rises More Than Expected 

The logo of H&M is on display outside a store on the day it closes, as the fashion retailer exits the Russian market, in Moscow, Russia November 30, 2022. (Reuters)
The logo of H&M is on display outside a store on the day it closes, as the fashion retailer exits the Russian market, in Moscow, Russia November 30, 2022. (Reuters)
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Fashion Retailer H&M’s Q1 Operating Profit Rises More Than Expected 

The logo of H&M is on display outside a store on the day it closes, as the fashion retailer exits the Russian market, in Moscow, Russia November 30, 2022. (Reuters)
The logo of H&M is on display outside a store on the day it closes, as the fashion retailer exits the Russian market, in Moscow, Russia November 30, 2022. (Reuters)

H&M, the world's second-biggest listed fashion retailer, reported on Wednesday a larger-than-expected operating profit for the December-February period.

Operating profit in the Swedish group's fiscal first quarter was 2.08 billion crowns ($196.3 million), up from 725 million a year earlier, against a mean forecast of 1.43 billion in an LSEG poll of analysts.

H&M has said it aims to reach a 10% operating profit over the course of this year.

Measured in local currencies, H&M's sales from March 1 to 25 increased by 2%, the retailer said.

The Swedish fashion retailer, known for $19.99 jeans and dresses under $15, also sells leather trousers for more than $300 and, under its Cos brand, coats for as much as $1,190.

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Fashion

Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
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Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)

Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.

Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.

Shein will open its pop-up store from Aug. 2-11 as an "exhibition space" for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post on Tuesday.

Local influencers were tapped for a pre-opening marketing campaign.

Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.

A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.

"That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain," the spokesperson added.