By Daniel Hunter

Swedish fashion retailer H&M has announced plans for an aggressive expansion into new markets.

The retailer opened 379 new stores in 2014, but is planning to open 400 this year in places like Taiwan, India, South Africa and Peru. The majority of the new stores will be in China and the US.

H&M posted pre-tax profits of 7.8bn Swedish kronor (£627m) in the three months to the end of November 2014. It was an improvement of the 7.26bn kronor it reported in the same period last year, but below market expectations of 7.96bn kronor.

As well as expanded its presence around the world, H&M has also been expanding its product offering. Last year it launched H&M Sport and launched its first wedding dress, which went on sale for £59.99. The retailer is set to expand its shoe range and launch a beauty range in autumn 2015.

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