H&M India's annual sales grew 43 percent in 2019 fiscal

H&M’s annual sales in India is up 43 percent. In all, the group’s net sales increased 11 per cent in the 2019 financial year. In local currencies, net sales increased by six percent. Sales growth was good in many markets in the fourth quarter. In India, sales increased 33 percent in local currency. In 2019, H&M opened eight stores in India. The Swedish fashion retailer now has 47 stores in India. H&M runs brands such as COS, Monki, H&M Home, among others. In India, where H&M has been present for five years now the retailer has been introducing more low priced products and reducing its extended sales period. Increased full-price sales and decreased markdowns contributed to an improvement in profit for the full year and in the fourth quarter. In March 2018, the company expanded into e-commerce sales in India in order to reach a wider market.

H&M has been on a mission to turnaround its business by reducing dependence on marked down inventory, and investing more in e-commerce, in an effort to boost profitability. This is especially key in a scenario where consumer preferences are shifting the world over—where shoppers are buying more goods online, and prompting fast fashion brands to turn sustainable and contribute more towards being climate positive.