Turnover soars 94 per cent for H&M India
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.