The stage is set for H&M’s sixth store opening in India! The international retailer, known for fashion and quality at the best price in a sustainable way, will open doors to the new location at North Country Mall, Mohali later this month.
Hennes and Mauritz (H&M) Retail Pvt. Ltd., the Swedish fashion chain, is driving their global expansion aggressively, especially in India, where Janne Einola, Country Manager, H&M, sees ‘great potential in existing regions as well as new regions within the country’. The group, with $22.33 billion in global sales (in 2004) and 4,000 outlets across 61 markets, recently announced it would launch its sixth India store in Mohali’s North Country Mall. The Swedish brand that marked its entry in the country last year, has received a significant response and a whopping business in a very short span. Currently it has 5 stores in the country including the one that is recently opened at Noida’s Mall of India.
It’s great news, more so because many credible International brands are making their way to the India subcontinent, including IKEA, announcing the purchase of 13 acres in Hyderabad last year for its first store in India. Other global names that are making big bets on India are Inditex SA’s Zara, Gap Inc., Forever 21 Inc. and Marks and Spencer Group PLC. The apparel market in India is estimated at $45 billion, and is projected to touch $200 billion by 2025, according to a study by consulting firm Wazir Advisors.
The billion-person economy India comes after the H&M’s great success in another vast economy, China. The global fashion company also clocked more than Rs 1.75 crore in sales on the opening day of its first store in India, almost double what its largest rival Zara sold on its inaugural day five years ago at the same location in the capital city Delhi. India’s is H&M’s 60th market, and the fast-fashion retail plans to open 50 stores with an investment of Rs. 730 crore over the next five years.
The first H&M store in Punjab’s tri-city area (and sixth in India) will be spread over 27,000 sq ft, with dedicated sections for ladies, men, children and teenagers. The store’s crisp and bright interiors will be the perfect backdrop to this selection, offering the hottest trends as well as timeless classics at the best prices for the fashion-conscious customer.
“We are excited to arrive in Mohali at North Country Mall, which has easy accessibility within the Tricity and other parts of Punjab,” said Janne Einola, Country Manager at Hennes and Mauritz Retail Pvt. Ltd. “H&M sees great potential for further expansion both in our existing regions as well as new regions within India,” he added.