SHANGHAI ~ Popular Swedish retail clothing giant H&M launched its first store in Shanghai on Thursday, the latest global fashion brand to open its doors in China.

“We are very proud to bring fashion and quality at competitive prices to the Chinese people,” Rolf Eriksen, chief executive of H&M, said in a statement ahead of the ribbon-cutting ceremony.

H&M, which targets young hip shoppers and currently has more than 1,300 stores around the world, will open another shop in Shanghai later this month, the company said.