STOCKHOLM—Swedish fashion retailer Hennes & Mauritz AB said it’s increasing markdowns this quarter after accumulating a record pile of unsold garments worth more than $4 billion (U.S.). Persson said H&M plans to reduce markdowns in the second half, when sales should improve and a weaker dollar will reduce garment costs. Last month, H&M forecast sales in comparable stores to drop this year before returning to growth in fiscal 2019. This month, the retailer began online sales in India and launched H&M on Alibaba Group Holdings Ltd.’s Tmall service in China. The retailer doesn’t plan any more new brands this year, though could consider doing so in 2019, Persson also said.

Source: thestar March 27, 2018 19:30 UTC