Swedish fashion retailer H&M increased its sales in Romania by 17% in the fiscal year ended November 30, 2016, to SEK 2.1 billion (EUR 223 million), according to the group’s financial report. In the previous year, H&M had sales of SEK 1.8 billion (EUR 192 million) in Romania.

The Swedish group opened 10 new stores in Romania last year, reaching a network of 52 stores at the end of November 2016.

Romania is one of the fastest-growing European markets for H&M. The group saw similar growth rates in Hungary, Czech Republic, Slovakia, and Greece, but all these markets are smaller than Romania in terms of total sales. H&M’s sales in Poland, which are more than double compared to those in Romania, went up by 8% last year. Russia and Turkey are H&M’s fastest-growing markets in Europe.

The Swedish group also saw high growth rates in Asia and Australia. Its total sales went up by 6% last year, reaching SEK 223 billion (EUR 23.6 billion). The group has more than 4,300 stores. It is now present in 64 markets of which 35 offer e-commerce. The group’s target for this year is to increase its sales by 10-15%.

H&M is the top fashion brand in Romania in terms of sales. Its main local competitors include Spanish brand Zara, and Dutch brand C&A.

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editor@romania-insider.com