India will be a new H&M online market in 2018!
The brand has already announced eight new locations and plans to tap online sales from next year.BY Shipra Srivastava | Aug 11, 2017 | comments ( 0 ) |
International fashion retailer Hennes & Mauritz (H&M) is mulling aggressive growth strategies for Indian market, after successfully completing six months ended in the month of 31st May 2017. The brand clocked whopping 460 in six month period as compared to 445 cr during December 2015-November 2016. The brand has already announced the launch of eight new stores scheduled to be open by the end of this year. With this new eight store H&M’s Indian offline footprint will stand at 21 in less than two years. So far, H&M’s performance is among the best within the apparel space in the retail market.
New stores will be located at Amritsar (Mall of Amrtisar), Indore (Treasure Island mall), Coimbatore (Prozone Mall), Ghaziabad (Red Mall), Bangaluru (Mantri Square Mall) and two stores in Mumbai at Seawood mall and Le Palazzo respectively. Le Palazzo is only a highstreet location rest all are mall locations where new H&M stores will be coming up. All these stores will be spread across anywhere between 20,000 sq.ft to 25,000 sq.ft carpet area. With the continuous expansion the brand plans to retain its global appeal; hence, there would be no change in existing strategies pertaining to store size, price point and assortment. In fact, the company has acknowledged that its unique pricing has given the brand an edge among peers.
Since the brand has arrived here the online presence of the brand is always in talks. But, it is for the first when the brand has gone record confirming its online presence by next year. “When the six month report from global announced the sales report that the brand did across the world and India did 435 cr in six months then Karl Johan our CEO announced that the brand will go online and India is going to be that country in 2018,” informed Dhatri Bhatt, Head – Public Relations, H&M.
The brand has no plans to explore market places as of now. The company is eyeing 15% growth overall including all international markets.
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