Swedish fashion retailer H&M Hennes & Mauritz has revealed it will open its first store in Chile in the first half of 2013 as it takes its first step into the Southern hemisphere.

The flagship store will be located in the Costanera Center in Santiago de Chile, the country's capital and largest city.

"We see great potential for further expansion in this fashion conscious region," CEO Karl-Johan Persson said.

Earlier this month, the retailer confirmed it will open its first store in Malaysia in September.

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H&M signs contract for first store in South America

H&M, Hennes & Mauritz AB (H&M), takes the first step into South America by opening its first store in Santiago de Chile, Chile.

The store will be a full concept flagship store at the best business location at the shopping mall Costanera Center, and is planned to open during the first half year of 2013.

– We are very excited to announce the opening of the first H&M store in South America, in Santiago de Chile, Chile. It is our first step into the Southern hemisphere, and we see great potential for further expansion in this fashion conscious region. We look forward to bringing fashion and quality at the best price to the Chilean customers, says Karl-Johan Persson, CEO at H&M.

Original source: H & M Hennes & Mauritz AB