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H&M says it won’t raise prices

Swedish retailer Hennes & Mauritz, known for its "cheap chic" fashions, said it won't raise prices, as other chains have done in response to rising cotton prices and production costs in Asia, the Financial Times reported.

H&M is sticking to this strategy even though it reported its third consecutive decline in quarterly prices, the FT report noted.

[W]ith 70 per cent of shareholder voting rights controlled by the company's founding Persson family and the founder's grandson, Karl-Johan Persson, at the helm as chief executive, H&M has brushed off concerns over its performance and urged investors to take a long-term perspective.

(Source: Financial Times, June 23, 2011.)

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