H&M reports India sales crossed Rs 1,100 crore in 2018
today May 21, 2019
The Swedish fast fashion brand H&M’s India sales crossed Rs 1,100 crore ($165.3 million) in the 2018 calendar year. The brand is on track to reach its target of 50 Indian stores by 2020.
H&M saw sales increase from Rs 860 crore in the 2017 calendar year to Rs 1,109 in 2018. The business follows a December to November financial year for its global business.
“We have been focusing a lot more on print and online advertisements,” an anonymous company source told ET Brand Equity about a reason for the brand’s recent growth. The brand has yet to deploy a large-scale country-wide advertising campaign but did release a television advert in 2018.
H&M currently has 42 brick-and-mortar stores in India and announced that it plans to reach a total of 50 by 2020 when it first entered India in 2015. The brand plans to open a store a month which puts it on track to achieve its offline retail target. The brand reported an initial investment of Rs 700 crore for its offline retail expansion.
H&M also runs its own e-commerce store in India and recently tied up with Myntra and Jabong to retail on the Flipkart-owned business’ platforms.
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