H&M has appointed Anna Attemark to head up its fast-expanding new business division, amid expectations of a “challenging 2018”.

Attemark, who worked at H&M for 17 years, will now oversee all of H&M’s “new business” brands including Cos, Monki, & Other Stories, Cheap Monday, Weekday, H&M Home, Arket and soon-to-be-launched fascias Nyden and Afound.

She joins from an 11 year stint as chief executive at Swedish fashion brand Odd Molly, but has previously held various senior roles at H&M including director of development and chief operating officer for design.

She joined H&M in 1994, and worked her way through the ranks until 2011.

The former director of new business Madeleine Persson, who Attemark will succeed, will now be in charge of the H&M brand in conjunction with Fredrik Olsson.

This follows H&M’s first capital markets day earlier this week in which the fashion retailer sought to reassure investors of its financial solidity, having predicted sales in comparable stores will “remain negative with a gradual improvement during the year”.

According to the fashion giant, its new business division is expected to grow 25 per cent per year, reaching revenues of €7.5 billion (£6.66 billion) by 2022.

Despite this positive outlook, the division accounts for less than 10 per cent of its total revenues.

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