India is now H&M’s fastest-growing market

Fast-fashion retail giant H&M has labelled India its fastest-growing emerging market.

The firm is now targeting ₹2,000 crore (US$280,000) in turnover from the territory, a goal it is likely to achieve by the end of this year despite signs of reduced domestic consumption.

H&M’s growth in the region has benefitted from both online and offline efforts, along with its collaborations with local partners and affordability of the brand. It operates 47 outlets in the country, compared to 22 run by rival firm Zara, with financial figures suggesting it may have a leading edge in terms of sales.

According to a report in the Business Standard, H&M India country head Janne Einola has indicated H&M will target tier-II and -III markets for future store locations. It is expected to launch up to 10 new Indian stores this year, as well as diversify its product range into different sectors such as home furnishings and beauty, as well as traditional Indian clothing.