Latvia

Apranga APB announced that it has signed a franchise agreement with Burberry Limited to open Burberry stores in three Baltic countries. The first Burberry stores in Riga, Latvia and Tallinn, Estonia will be opened in the second half of 2012. As of December 31, 2011, Burberry had 189 retail stores, 208 concessions, 46 outlets and 56 franchise stores. Currently, Apranga APB operates a chain of 121 stores in the Baltic States, 78 in Lithuania, 32 in Latvia and 11 in Estonia.

H&M recently announced its expansion goals for 2012, with plans to add approximately 275 new stores. The fashion retailer will open the most stores this year in China, the United States and the United Kingdom. In addition, it will enter Bulgaria, Latvia, Malaysia and Thailand for the first time.