STOCKHOLM (AP) — Fashion retailer Hennes & Mauritz AB said Thursday it plans to expand its business over the coming year by increasing online sales and opening new stores, particularly in its largest markets, the U.S. and China.

CEO Karl-Johan Persson says the Swedish company is in a “very intensive investment phase” and plans to open 8 to 10 online markets next year on top of 375 new stores in locations worldwide.

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