Hennes & Mauritz (H&M), the Swedish fashion retailer, has reported an increase of 39% in its sales in India during the second quarter ended May. This is the brand’s strongest growth across markets helped by new store additions and increasing push for full priced merchandise.
H&M's India business rose 16% during the same quarter a year ago to about Rs 273 crore.
Karl-Johan Persson, Global Chief Executive of H&M, said, “The H&M group continues to increase full-price sales, reduce markdowns and increase market share, showing that customers appreciate our collections and the improvements we are making to the product assortment and the customer experience.”
The fashion retailer has become the fastest growing lifestyle brand in the country by clocking more than Rs 1100 crore in annual sales in over three years after its India entry.
The company’s statement said, “By autumn 2019, H&M will be launched on India’s e-commerce platform Myntra. This means that millions of customers all over the country will gain access to and be able to experience the best of H&M and have the products delivered directly to their homes.”