India is now H&M’s fastest-growing market
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Fast-fashion retail giant H&M has labeled India its fastest-growing emerging market.
The firm is now targeting ₹2,000 crores (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 the 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.
Questions & Answers
Q.What is H&M's target turnover for India and by when do they expect to achieve it?
What is H&M's target turnover for India and by when do they expect to achieve it?
H&M aims for a turnover of ₹2,000 crores (US$280,000) from India. The company anticipates reaching this financial goal by the end of the current year, despite broader signs of reduced domestic spending.
Q.How many stores does H&M currently operate in India compared to its rival Zara?
How many stores does H&M currently operate in India compared to its rival Zara?
H&M presently operates 47 retail outlets across India. In comparison, its direct competitor Zara runs 22 stores in the country, suggesting H&M might have a sales advantage.
Q.What are H&M's strategic plans for future expansion and product diversification in India?
What are H&M's strategic plans for future expansion and product diversification in India?
H&M plans to target tier-II and -III markets for new stores, aiming to launch up to 10 additional outlets this year. They also intend to diversify their product range into home furnishings, beauty, and traditional Indian clothing.
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