H&M India reports 40 percent sales growth in FY18
H&M has reported 40 percent sales growth in India over the course of fiscal year 2018 that ended in March this year. The brand credits new store openings with facilitating growth.
According to a filing at the Registrar of Companies, H&M India reported a revenue total of Rs 640 crore ($96.2 million) in the country for FY17. In FY18, the brand saw its India revenue increase by 40 percent to total Rs 893 crore.
“H&M’s fashion offering and great prices have seen a very good response from customers since we launched three years ago,” H&M’s Indian country manager told the Economic Times. “Expanding our presence with 14 new stores in the year has also been a driving factor.”
H&M opened its first store in India in 2015. Since then, the brand has expanded across the country’s metros and, with an expansion rate of around one brick-and-mortar store a month, now boasts 34 stores in India. H&M aims to open 50 stores across India by 2020 with an expected investment of Rs 700 crore. Rapid store expansion has swiftly elevated brand consciousness across the country and given the brand a strong presence in a short space of time.
The brand’s main competitor in India is Zara which entered the market before H&M in 2010. Inditex Trent reported a revenue increase of 19 percent to Rs 1,221.67 crore in FY18 for the brand's 20 Indian stores.
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