H&M nearly doubles India sales, to launch online store
Mumbai: Swedish fast fashion brand H&M has nearly doubled annual sales in India from Swedish krona 606 million (Rs491.486 crore) to Swedish krona 1.18 billion (or Rs957 crore) for the period between December 2016 and November 2017, the company said on Wednesday.
H&M also increased its number stores from 15 to a total of 27, led by rapid openings in tier II cities during the year.
H&M plans to increase its reach with the launch of its online shopping website in 2018, the company said.
“The online expansion will continue in 2018 to among others India and via franchise partners to Saudi Arabia and the United Arab Emirates,” H&M said.
“The plan for the future is to offer e-commerce in all store markets as well as in other markets.”
However, India continues to lag far behind H&M’s top 10 markets, led by Germany, the US and the UK in the year ended November 2017.
Germany posted total sales of Swedish krona 36.8 billion, more than 30 times its India revenue.
H&M’s plans come after Spanish fast fashion giant Zara launched its e-commerce website in India in October 2017. H&M in India lags Zara, which made Rs1,023 crore in FY16-17, as per latest financial numbers in the Trent Ltd annual report. Zara’s parent Inditex SA operates the brand in India in a joint venture with the Tata Group. There are 20 Zara stores in India.