Turnover soars 94 per cent for H&M India
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With store openings and competitive pricing, H&M India has upped its turnover 94.5 per cent in India for the year to the end of November.
The Swedish fast-fashion retailer’s turnover reached INR955 crore (US$148 million) for the 12 months.
Its growth follows it opening more stores in India, taking the count from 15 to 27. It entered small markets such as Coimbatore, Indore and Raipur, as well as adding outlets in Mumbai and the Delhi-National Capital Region, where it has had a presence since 2015.
In its earning release, H&M says it plans to launch an e-store later in India this year.
Meanwhile, Inditex-owned Zara crossed INR1000 crore in sales last year, seven years after arriving in India, and last year opened an e-commerce portal.
But H&M is confident its low-priced apparel and wide variety will help it win in India. “I think our business concept is working,” says country manager Janne Einola.
Questions & Answers
Q.What contributed to H&M India's significant increase in turnover?
What contributed to H&M India's significant increase in turnover?
The retailer achieved its growth by opening more stores across India, expanding its presence from 15 to 27 locations. Competitive pricing for its low-priced apparel also played a key role.
Q.When did H&M first establish a presence in India?
When did H&M first establish a presence in India?
H&M first established a presence in India in 2015. It has since expanded its operations, adding outlets in key regions like Mumbai and the Delhi-National Capital Region.
Q.How does H&M plan to further expand its business in India?
How does H&M plan to further expand its business in India?
H&M plans to launch an e-store in India later this year. This digital expansion is expected to complement its physical store growth and competitive pricing strategy.
Q.How does H&M's financial performance compare to a major competitor in the Indian market?
How does H&M's financial performance compare to a major competitor in the Indian market?
H&M's turnover reached INR955 crore in its reporting period. In comparison, Inditex-owned Zara crossed INR1000 crore in sales the previous year, seven years after its arrival in India.
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