H&M eyeing Rs 2,000 cr turnover in India

Following a December to November accounting year, H&M has 47 stores in India.
H&M

Hennes & Mauritz (H&M) is aiming Rs 2,000 crore turnover in India, its fastest-growing emerging market. The world’s second-largest fashion retailer expects to achieve the target by the end of this calendar year (CY), driven by a greater online and offline push, local collaborations and affordable merchandise.

Following a December to November accounting year, H&M has 47 stores in India. The brand competes globally with Inditex’s Zara, the world’s largest fashion company. Inditex, which has a joint venture (JV) with Trent in India, runs 22 Zara stores in the country.

H&M will be maintaining its more than 40% rate of growth in terms of sales for 2020, coming at a time when there is a domestic consumption slowdown.

H&M eyeing Rs 2,000 cr turnover in India

In 2019, the brand had grown top line at the rate of 43% per annum, touching Rs 1,490 crore, ahead of the 29% top-line growth it had achieved in 2018.

Speaking on the sideline of RAI Retail Leadership Summit 2020, Janne Einola, Country Head of H&M India, said, “The company was raising its India bet this year, targeting tier-II and -III markets apart from tier-I cities to set up its stores. The retailer proposes to add 5 to 10 stores this year, taking its total store count to over 50. The retailer had earlier committed Rs 700 crore to set up 50 stores in India.”

Further Future Plans

H&M is also looking at diversifying into areas like home furnishings, beauty, sports retail, starting with the home segment as early as possible, while beauty and sports retail will come later.

H&M eyeing Rs 2,000 cr turnover in India

The company will further introduce a Sabyasachi Mukherjee collection in April, including western and Indian wear like saris. For the first time, Indian wear will be available at H&M outlets in India, while the western wear in Mukherjee’s stable will be taken to international markets like the UK, France and the US this year.

In India, H&M will also unveil its loyalty programme as it looks to drive sales in the country.

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