H&M overtakes Zara as India's fastest growing global fashion brand

H&M is now the fastest growing global fashion brand in India. After the massive brick and mortar expansion, H&M has overtaken Zara, which has just over 20 stores in India, as the fastest growing global brand. The Swedish brand hit another significant milestone when it crossed Rs 700 crore in sales during a nine month period ending August 2017. Heavy discounts, an extensive low- price basic collection, and new stores contributed significantly to the growth spurt in sales. The country’s biggest international apparel brand, Zara’s sales stood at Rs 1,023 crore during FY16-17.

H&M’s newest store opened this month in Raipur, Chhattisgarh. H&M has expanded quickly, opening 16 stores in 18 months in metros and Tier 1 markets, and threatens the foothold its global rival, the Spanish Zara has painstakingly acquired since 2010. H&M’s entry even prompted its more expensive competitor to slash prices.

Other brands even started to discount their stock in an attempt to prevent customers being lured to shop at H&M. Other contributing factors to H&M’s boom in India this year include many discounts and sale events and a low-priced basics collection that undercut similar offerings from competitors.

H&M has made strides since their 2015 entry into India and, as their store expansion plans show no signs of abating, they are fighting to become the largest international fashion brand in India.