Published
Oct 16, 2019
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H&M sees revenue and profit increase in India, plans India-specific line

Published
Oct 16, 2019

Swedish fast fashion retailer H&M has seen its India revenue increase by 39% and annual profits rise by 29% in its third financial quarter and plans to launch more local product offerings in India. 

H&M plans to launch an India-specific collection - Facebook H&M


H&M’s annual profit in India rose by 29% to Rs 45 crore ($6.76 million) and revenue by 39% to Rs 1,236 crore in the business’ latest financial filings for the financial quarter ending on August 31, as accessed by TNN from Veratech Intelligence. The business, which has steadily grown in India since first entering the market in 2015, launched on Myntra in August which contributed to the revenue growth.

The brand aims to continue to grow in India and attract more customers by offering more India-specific products. “We need a certain size and scale and we need the right time to do such a local launch," H&M India's country manager Janne Einola told Mint in an interview.

“We need to understand the demand, we need to understand what customers are looking for. We didn't want to bring an ethnic collection—which is traditional Indian wear because this is not what we do. We are good in western clothes, that's why we believe it is nice to offer a different kind of collection to the modern Indian shoppers."

Einola said that, although the brand plans to launch an India-specific collection soon, there are no plans to work with Indian designers on the products. H&M’s new rival in India Uniqlo, which entered the market this month, launched a collection of kurtas to coincide with its first India store launch.

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