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STOCKHOLM – Swedish fast fashion group H&M has said it aims to double sales by 2030 compared with 2021 while at the same time halving its carbon footprint. To achieve its goals, the apparel business will have to do what no major fashion retailer has done before – decouple rapid growth from carbon emissions. To this end, the company said in 2022 capex will amount to around SEK 10 billion (US$1.1bn) with a focus on areas including technology, the supply chain, renewable energy and sustainable materials.

Announcing its full year results, the retailer reported a bigger than expected jump in quarterly profit as it looked to draw a line under the global pandemic.

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