Good news for H&M:

Sweden-based H&M — the world’s third-largest fashion retailer after U.S.-based Gap Inc. and Spain’s Inditex SA, which vie for the top spot — said its net profit increased to 4.19 billion Swedish kronor ($528.8 million) in the three months ended May 31 from 3.94 billion kronor a year earlier. Revenue rose 23% to 26.54 billion kronor from 21.61 billion kronor. The company said it “remains positive towards future expansion and the company’s business opportunities.” – from WSJ

Also under his leadership, H&M began teaming up with famous designers to create and market fashion collections, a concept that has attracted heavy media coverage and long lines of customers. It started with Karl Lagerfeld in 2004, included Stella McCartney and Roberto Cavalli among others, and this autumn continues with London-based designer Jimmy Choo, most well known for his hand-made women’s shoes. – from WSJ