Swedish fashion retailer H&M has reported that its India sales reached Rs. 704 crores (SEK 874 million) in the nine-month period ended in August 2017 against Rs. 291 crores last year.
H&M emerged as the best performing brand in fashion retail sector with 17 stores in the country till August. The average sales reported from each of these stores stood at Rs. 58 crores annually.
Janne Einola, Country Manager, H&M India attributed the quality and price of the products, coupled with expansion in metro cities as well as Tier II cities in India, as the major reasons behind its success.
H&M, the world’s second-largest clothing giant which made its India entry in 2015, has been noticing a sharp surge in demand for its products.
The fashion brand’s sales during year-to-March 2016, in particular, stood at Rs. 194 crores with a net profit of Rs. 1.4 crores. The retailer has already announced to further invest Rs. 700 crores to open 50 stores in India by 2020.
H&M is not only expanding in India but in Kazakhstan, Colombia, Iceland and Vietnam also.
Additionally, it has successfully launched its ARKET brand in 18 European online markets with physical stores in London, Copenhagen and Brussels.
Creating and launching new brands is an important part of H&M’s growth strategy, and next year it plans to launch another new brand. Stay tuned for updates.
