Amid the rapidly expanding e-commerce and fashion-tech market, Swedish fast fashion giant H&M (Hennes & Mauritz) has announced the relocation of its India based headquarters to shift to Bengaluru from Delhi-NCR.
The Swedish brand at present has stores all over India and operates from Delhi’s Saket. However, they have announced the relocation of the headquarters to North Bengaluru and the move is aimed at capitalising on the city’s thriving e-commerce and fashion-tech ecosystem.
This relocation follows a series of leadership changes within H&M India. Helena Kuylenstierna recently assumed the role of Director-India, succeeding Louis Coucke who departed for the Albatha Group in Dubai. Eric Bennici, a seasoned H&M executive, has taken over as the company’s CFO and Country Controller.
H&M currently operates around 65 stores across India, competing with global brands like Zara and Uniqlo, as well as a growing number of domestic fashion startups. The brand expanded its online presence in September 2024 by partnering with the e-commerce platform Ajio.
While H&M India witnessed an 11 per cent revenue growth in FY ’24, its net profits declined significantly by 80 per cent to US $ 968,000 (Rs 8.32 crore). This decline can be attributed to factors such as reduced consumer spending due to high inflation and discretionary spending cuts. Globally, H&M has also faced challenges with flat sales and lower profits in its third quarter, primarily impacted by currency fluctuations, rising living costs, and restructuring expenses.
The relocation to Bengaluru signals H&M’s commitment to adapting to the evolving Indian market and leveraging the city’s strengths in technology and innovation to drive future growth.
