Stockholm-headquartered Hennes & Mauritz AB, popularly known as H&M, has tied up with Flipkart-owned fashion e-commerce firm Myntra to strengthen its omni-channel strategy.
Fredrik Olsson, Managing Director, H&M, said, “The first step was to enter the market and get the foundation right, get the stores in place. Now that we are growing we thought to go digital, which happened last year and now we are collaborating with Myntra so as to reach more and more customers. We will continue to invest online.”
“At the end of 2018, online sales were roughly 15 per cent (of the total) globally. In India, we have been online for less than a year and the Indian online business has grown higher than the average so it is more than 15 per cent. It is an indication that this segment is working here,” he added.
In March 2018, the company also launched its own digital store in India.
Olsson further stated, “We are collaborating with Myntra because consumers are interested in the digital experience. Having said that the physical stores won’t go away. The key is to find a balance.”
Janne Einola, Country Manager at H&M India, said, “Currently our portfolio is such that we are 70 per cent present in tier 1 cities and 30 per cent in tier 2 cities. However, under our long-term plan, we want to be a pan India company. So, in the years to come, it would be 50: 50 between tier 1 and tier 2.”