Following strong 2014 sales, the H&M Group announced plans to open 400 new stores worldwide in 2015 and launch the new brand, H&M Beauty.

The global retailer saw sales increase 14 percent in local currencies and 18 percent in Swedish kronor in 2014, due in part to the addition of 379 new stores, primarily in China and the U.S. The retailer now operates 3,511 stores in 55 markets.

H&M chief executive officer Karl-Johan Persson has no plans to slow down. He announced Wednesday that the retailer would top last year's number with plans to open 400 new stores in 2015, including first-ever stores in Taiwan, Peru, Macau, South Africa and India.

"The greatest expansion will take place in existing markets where there is still great potential to grow further," says Persson. "The most new stores will open in China and the U.S., but also in other large markets such as Poland and Germany."

Persson also unveiled plans for a new eponymous health and beauty brand, H&M Beauty.

"Early in 2014 we successfully launched H&M Sport, and in the autumn our expanded shoe range was gradually launched in selected H&M stores and online," he said. "As a further step in broadening H&M’s product range, in autumn 2015 we will start the launch of H&M Beauty–a new and broad concept for make-up, body care and hair care with high-quality, value-for-money products in a specially produced design that we have great belief in. "

H&M Beauty will replace the retailer's current own-brand cosmetics line and will be launched this fall in approximately 900 H&M stores in 40 markets as well as online.