H&M Group has signed a franchise agreement with Hola Moda S.A. in Central America. The first H&M store is set to open in Panama at the end of 2020.

“Central America holds great potential and we are looking forward to opening our first H&M store in Panama at the end of 2020”, says Karl-Johan Persson, CEO H & M Hennes & Mauritz AB.

Hola Moda S.A. is a privately owned company founded by Phoenix Group and Dorben Group, which with their extensive retail experience and market knowhow operate international fashion brands in 15 countries across the region.