H&M's country manager for India quits2 min read . Updated: 04 Sep 2020, 02:21 PM IST
- In 2019, H&M tied up with Flipkart-owned Myntra to sell its accessible fashion wear online. In 2018, it debuted online through its own local website and app. For the year ended November 2019, H&M posted a 43% jump in sales
NEW DELHI: Swedish fast fashion retailer Hennes & Mauritz's (H&M) country manager for India, Janne Einola, is stepping down from his role of overseeing the fashion retailer's business in the market.
Einola is set to leave the company by the end of October and will move back to Helsinki, a company spokesperson confirmed to Mint.
"He will be taking a break before deciding on the next course of his professional life and his last day will be end of October post which he will be moving back to Helsinki to join his wife and kids," the company said in response to a query by Mint.
H&M has not announced a successor for Einola yet, but those familiar with the company said the retailer could dip into its talent pool globally to fill the role.
Einola has spent over two decades with H&M—starting out as department manager. He subsequently moved to work across four markets and nine countries.
He was appointed the first country manage for India in 2015 when the retailer leveraged the single brand FDI policy to open its maiden store in India. It had promised to open 50 stores in the country with investments of ₹700 crore.
H&M today has close to 50 stores in India.
"For the past 5 years, he has driven India’s fast expansion and locally relevant customer experience but has now decided to move on for personal reasons," the company said.
In 2019, it stitched up a partnership with Flipkart-owned online retailer Myntra to sell its accessible fashion wear online. In 2018, it debuted online commerce through its own local website and app.
For the year ended 30 November, 2019, H&M posted a 43% jump in sales touching nearly Rs1,500 crore even as it opened fewer stores in the market.
In 2019, H&M opened 8 stores in India, lower than what it added in 2018 when it had opened 12 new stores here, the retailer said in its full year earnings report released on 30 January.
Retailers globally are seeing a dramatic shift in consumer demand, brought on by the pandemic that has prompted shoppers to stay indoors and spend more on essential products and services.
The year has been exceptionally hard for fashion retailers as shoppers order more online and buy fewer clothes given restrictions on socialising and continuity of work from home.
To be sure, H&M Group that runs other brands such as COS, Monki, H&M Home, among others, follows a December to November financial year.