H&M India’s sales rise 58 per cent in 2017, touches Rs 956.24 cr

Swedish fashion retailer Hennes & Mauritz’s (H&M)’s India sales grew 58 per cent for the year ended November 2017 to touch Rs 956.24 crore. Growth was propelled by rapid store expansion which went up from 10 to 27 during the year and strong volume growth. After its success with brick and mortar stores in India, H&M plans to enter the Indian online market in 2018. H&M, the world’s second-largest apparel major, which follows the December 1 to November 30 financial year. The growth in Q4 2017 was sharply lower than the 50 per cent plus growth recorded in preceding quarters.

Customer’s response to H&M’s global fashion, quality and prices as well as their expansion strategy of opening stores in metros and Tier II cities continues to drive strong growth. H&M, the world’s second-largest clothing giant, had stated that it will open 50 stores in India with an investment of Rs 700 crore by 2020. So far, they have opened 20 doors. The Stockholm-based brand stocks fast fashion items created in-house and teams up with designers for one-time collections. It keeps a large inventory of basic, everyday items sourced from places including India and Bangladesh that carry a lower price tag than most of its rivals.