- Meenakshi Kumar |
H&M’s sales in India grew 40 per cent upto March 2018. Swedish fashion retailer Hennes & Mauritz is the world’s second biggest clothing chain. The brand opened its first India store in October 2015. It is known for its fashion offering and great prices. Growth has been helped by the addition of new stores as well as merchandise priced lower than that of most rivals.
H&M has been aggressive in store expansions, averaging nearly a store every month since its entry, taking the tally to 34 outlets now. The retailer plans to open 50 stores in India by 2020 with an investment of Rs 700 crores. Globally, H&M is also increasingly integrating online and physical stores in most markets including India where it launched its online store in March this year. The retailer stocks fast fashion items created in-house and teams up with designers for one-time collections.
As the world’s second most-populated country, India is an attractive market for US and European brands and has attracted some of the world’s largest private labels that are banking on young consumers increasingly embracing western-style clothing.