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H&M reaps opening day bonanza in India

By Sujata Sachdeva

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Swedish fast fashion chain Hennes & Mauritz (H&M) that opened its first store at Select Citywalk mall in New Delhi witnessed over Rs 1.75 crore in sales on the opening day. Industry insiders point out that this figure is almost double than its largest rival Zara reported on its inaugural day five years ago at the same mall.

This sales data translates into an average billing of about Rs 27,000 every minute during the 11 hours the store was open, or the equivalent to price of 5,000 pairs of jeans and 10,000 tops. The store threw its doors opened on October 2, 2015 to 2,500 eager fans who were waiting outside to grab H&M's merchandise.

After a wait of three years, the company under 100 percent FDI rule also aims to increase sourcing from India to 30 percent in five years to abide by the rules. The company’s future store expansion will largely depend upon the availability of quality retail spaces, which are hard to find in India. Its stores would bring all its global offerings to India.

Etailing would not be in focus at the moment but H&M may follow an omni-channel model in the country next year. The brand competes with other international brands like Zara, Gap, Forever 21, Mango, Tommy Hilfiger and Marks and Spencer already present in India and also having stores in the same mall.

H&M