H&M in India has noticed 29 per cent growth in last 9 months (1 December 2018 – 31 August 2019).
The growth is the highest for the fashion giant after China, as Chinese market witnessed a growth of 32 per cent. It is important to note here that in US, sales in local currencies rose by 19 per cent, in Poland by 20 per cent and in Italy by 15 per cent.
The growth in India holds relevance considering H&M has just completed 4 years of its first store opening in India and today has 42 stores across 16 cities in the country.
The company said “Growth was good in many markets but things were a bit tougher in some of our franchise markets due to challenging macro factors.”
In the same period, globally the H&M group’s net sales increased by 11 per cent to SEK 171,061 million (153,986). In local currencies, its net sales increased by 6 per cent.
Commenting on global results, Karl-Johan Persson, CEO said, “Well-received summer collections and increased market share show that we are on the right track with our transformation work to meet customers’ ever-increasing expectations.”
The CEO added “The continued development of more full-price sales and reduced markdowns contributed to a 26 per cent increase in operating profit in Q3, all the while maintaining a high level of activity in our transformation work.”
Just 2 months back, H&M was successfully launched on leading ecommerce platform Myntra in August and the global retailer believes that the reception has exceeded the company’s high expectations.
“The ongoing transformation work has contributed to continued positive sales development with more full-price sales, lower markdowns and increased market share,” the company says.
With recent store opening in Belarus, H&M is in now in 73 markets.