H&M to continue to open one India store per month to reach pan-India presence
H&M plans to continue to open one store a month moving forward and recently crossed Rs 1,100 crore ($165.3 million) in India revenue. The brand plans to swiftly pass the 50 stores mark.
H&M has opened on average one store a month since it entered the Indian market three years ago. In 42 months, the fast fashion brand has opened 41 stores. India country manager Janne Einola told Mint that the brand will continue to expand at this pace with the aim of achieving a pan-India presence.
Einola also stated that the brand is on track to surpass its target of reaching a store count of 50 by 2020. The brand will now start to open stores in Tier 2 cities to reach a more rural customer base. Einola stated that the brand’s initial investment of Rs 700 crore intended for its first 50 stores has not yet been used up and that the investment will not stop when the initial funds run out. The business also intends to invest in staff and warehouses in the country.
The brand recently reported a running total of Rs 1,100 in India sales. After launching online with a dedicated e-commence store, H&M will make its products products also available on Myntra and Jabong later this year. H&M has eight brands globally and Einola stated that he is keen to introduce more brands into the Indian market. Some of H&M’s brands include Monki, Cos, & Other Stories, and Arket.
“H&M.com in India is already in double-digits in terms of contribution to sales, and we are close to the [global] average of the company,” Einola told Mint. “Through online, we are also seeing where the demand is in India, and that could help us with physical expansion as well.”
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