Leading ten sales markets of H&M 2023

As of financial year 2023, the United States was H&M's second largest market with net sales of 33 billion Swedish kronor. The only market ahead of the U.S. was Germany, where the H&M group  recorded over 35 billion Swedish kronor worth of net sales in 2023.

H&M’s presence in Germany

Germany being H&M’s largest market may be partially due to the fact that the majority of German consumers recognize the brand instantly. In 2023, brand awareness in Germany was at an all-time high of 96 percent, meaning that many shoppers were able to identify the brand just by its logo or written name. Another contributing factor would be the number of store locations, as Germany has the most H&M stores in Europe. 

Swedish retail giants

With global brands like H&M and IKEA, Sweden has established itself as one of Europe’s retail powerhouses. In fact, flat-pack furniture retailer IKEA is one of the most valuable retail brands worldwide. Brand value describes the worth of a brand based on the implication that the owner of a well-known brand name can generate more money compared to that of a less popular brand name.