Primark said it plans to invest €100m in stores in Spain 

Meanwhile, Swedish fashion retailer H&M will cut some 1,500 jobs as part of its cost cutting drive
Primark said it plans to invest €100m in stores in Spain 

As part of its expansion plan, the company will add 1,000 new employees over the next two years, it said.

Fashion retailer Primark said it plans to invest €100m to open new stores and refurbish existing ones in Spain, its second largest market after Britain.

The clothes retailer, owned by Associated British Foods (ABF), will open eight new stores throughout the country, including on the island of Lanzarote and the enclave of Melilla, the company said in a statement.

Primark, also known as Penneys in the Republic of Ireland, said that it will add 1,000 new employees over the next two years as part of its expansion plan.

Even though many high-street retailers are struggling due to stiff competition from online-only brands, Primark, with its budget prices, has kept expanding over the past years.

The retailer has said it will hold prices steady despite rising inflation though it cautioned that rising input costs will hit its results in the new financial year.

Meanwhile, Swedish fashion retailer H&M will cut some 1,500 jobs as part of its cost cutting drive and book a restructuring charge of €73.2m in the fourth quarter.

In September, H&M, the world's second most popular fashion retailer, launched a plan to save 2 billion Swedish crowns per year.

"The cost and efficiency programme that we have initiated involves reviewing our organisation and we are very mindful of the fact that colleagues will be affected by this," chief executive Helena Helmersson said in a statement.

"We will support our colleagues in finding the best possible solution for their next step," she added.

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