H&M eyes Rs 2,000 revenue from India this year
Swedish fashion retailer Hennes & Mauritz (H&M) is expecting revenue of around Rs 2,000 crore ($276.9 million) from the Indian market during this calendar year on the back of its online and offline expansion.
H&M is betting big on India, one of its fastest-growing markets and plans to further expand its retail presence with the addition of five to ten new stores every year.
Despite the domestic consumption slowdown in India, H&M is confident of achieving its sales target through its local collaborations and affordable merchandise.
Last year, H&M had grown its top line in the country at the rate of 43 percent per annum reporting sales of Rs 1,490 crore.
“H&M is targeting Rs 2,000 crore in turnover from India driven by a greater online and offline push. The company is raising its India bet this year, targeting tier 2 and 3 markets apart from tier 1 cities to set up stores. We plan to add 5 to 10 stores this year, taking its total store count to over 50,” Janne Einola, country head of H&M India told the Business Standard.
The company recently announced its collaboration with designer Sabyasachi Mukherjee for western and Indian wear such as saris which will be available at H&M outlets from April this year.
H&M first entered India in October 2015 since when it has opened on average one store a month and has reached a total of 47 brick-and-mortar outlets in the country.
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