Swedish fast-fashion retailer H&M is all set to expand its retail presence in Indian city of Chennai by opening one more store there. “The upcoming Chennai store, to be inaugurated on July 19, will be located at VR Chennai, Anna Nagar,” informed Janne Einola, CEO – Country Manager at H&M India.
The latest retail expansion by the retailer shows that it is keeping up well with its strategy to open at least one store a month in India, ever since its entry in Indian market in 2015.
The fashion brand has announced to give H&M gift card of up to Rs. 10,000 to first three in line before inauguration of the store while next 100 in line will get a gift card worth Rs. 500 each. Additionally, those who will adorn themselves in their favourite floral outfit may get additional gift cards worth Rs. 3,000.
H&M India notably has on-average opened one outlet every month, which also has helped it gain a quick traction. Remarkably, it has achieved almost a 19 per cent increase in sales to Rs. 535 crore in the first six-months (December-May) this year, as compared to Rs. 450 crore during the same period a year ago.
Swedish clothing retailer has announced an investment of Rs. 700 crore to increase its store count to 50 by 2020 in India. Currently, it operates a total of 32 stores in India.
Mumbai, Hyderabad, Pune, Indore, Amritsar, Delhi-NCR, Kolkata, Mohali, Coimbatore, Ahmedabad, Raipur, Chennai, Mysore, Bengalore, and Indore are major locations where retailer has its physical presence currently.
