Jesper Magnunsson will now head of global leasing for H&M. Magnunsson, who has worked for the Swedish company for more than 10 years, was head of leasing in Hong Kong, Taiwan and Macau, as well as head of global expansion of new business and franchises of the chain.
The company is in the middle of a reorganization process and has tried new formats like rental with its COS chain in China and its new store in Berlin that focuses on its local market. On a global scale, H&M’s revenue for the fiscal year 2019 was up eleven per cent. In the fourth quarter, H&M sales increased by nine per cent, partially weighed down by calendar effects.
The fashion retailer is on course to increase annual profits for the first time in four years following heavy investment in online and other services to adapt to a changing market. Over the past few years the Swedish-based retailer has invested in online services, new store concepts and independent brands to broaden its customer base and turn itself around. Germany is H&M's biggest market. The group has embarked on a road to recovery after slowing footfall at its core H&M-branded stores caused years of sliding group profits, mounting inventories and shrinking market value.