H&M In Portuguese Acquisition

Swedish fashion retailer Hennes and Mauritz is reported to be in talks to acquire Portugese clothing chain Macmoda. H&M, which already has five stores in Portugal, has opened preliminary negotiations with Maconda, which operates Macmoda, the company which owns the 35-strong chain, according to a report in Portugese newspaper newspaper Expresso.

Macmoda is Portugal's largest clothing retail chain, operating in the country's main shopping centres. While H&M has tended to grow organically, an acquisition would boost its presence in the southern European heartland of 'fast fashion' rival Inditex, which operates the Zara chain. The newspaper reported that the deal would be worth around 70 million euros, quoting Maconda director Ricardo Tavares, who said: "Macmoda is not for sale but in business everything has its price."