H&M store sign

H&M are set for massive expansion this year

H&M plans to open around 375 stores in 2014, meaning there will be more than one new shop somewhere in the world throwing it's door open every day this year.

The Swedish store, which is the second largest clothes retailer by sales in the world, reported a rise in profits to $868 million between September and November in 2013.

But H&M is not immune to the threat of young, budget stores like Primark and Forever 21. To ensure it stays ahead of the game, H&M will be increasing itso homeware and sportswear offerings with more home furnishings and an exanpsion of its sportswear products.

And, of course, it's high-profile designer collaborations and celebrity endorsements go a long way in helping maintain its reputation as the go-to high street store for young, fresh and edgy designs. 

We're sure our Australian friends will be pleased to hear that their island is the next port of call for H&M, alongside the Philippines.

Is H&M the new king of the high street? It certainly looks that way...

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By Olivia Marks