“We are very excited to announce the opening of the first H&M store in South America, in Santiago de Chile, Chile,” said Karl-Johan Persson, CEO at H&M, in a statement.
“It is our first step into the Southern hemisphere, and we see great potential for further expansion in this fashion conscious region. We look forward to bringing fashion and quality at the best price to the Chilean customers.”
The store will be a “full concept flagship store”, according to the developers, and will be located at the shopping mall Costanera Center.
It will span two floors at 3,000 square metres, and is planned to open during the first half year of 2013.
“H&M has been looking at the region for a while and noticed a big interest” H&M spokesperson Kristina Stenvinkel, told the Svenksa Dagbladet (SvD) newspaper.
“We’re even going to open a big flagship store in Mexico City in November.”
This year has seen the Swedish clothing giant opening in Bulgaria with plans to open later this year in Latvia, Malaysia, Mexico and Thailand.
“We’re seeing that we can expand both in existing and new markets. H&M is now in an intensive expansion phase which means that in autumn we’ll be opening stores in four new countries. There’s still a lot left to do,” Stenvinkel told SvD.