H&M's past six months' sales exceed 460 crore rupees

By

Isabelle Crossley

Published
Aug 4, 2017

The Swedish clothing brand Hennes and Mauritz (H&M) just announced sales exceeding 460 crore rupees (approximately 69 million dollars) for their previous six months’ sales ending in May and this exceeded sales for the whole previous year.

According to a report by H&M, sales for the whole financial year from December 2015 to November 2016 were around 445 crore rupees (around 67 million dollars) but in the following six months from December 2016 until May 2017, this figure had already been exceeded.

H&M has employed new sales tactics over the past six months and these have helped them to drastically increase their sales figures. For example, H&M has now placed its pricing as cheaper than one of its main rival brands, Zara. The Spanish brand Zara entered India in 2010 and was the fastest growing brand in India. Zara is currently the largest international fashion label in India and had sales of 1,023 crore rupees (around 154 million dollars) during the past financial year. However, H&M aims to match these sales by the end of this financial year and is indeed likely to do so according to Ruchi Sally, Director at Elargir Solutions retail consultancy firm. H&M’s entry into the Indian market and its low pricing was one of the reasons Zara dropped its pricing for many items by ten to 15 percent.

H&M currently has 16 brick and mortar stores in India and aims to have opened a total of 50 stores by 2020. The investment earmarked for this expansion is 700 crore rupees (approximately 105 million dollars). Moreover, H&M is set to further expand by entering the online market in 2017.