H&M India sales jump 19% to Rs 535 crore
today Jun 29, 2018
Swedish fashion retailer Hennes & Mauritz (H&M)'s sales jumped 19 percent to Rs 535 crore (approx $78 million) during the first half of the year as compared to Rs 450 crore it reported during the same period a year ago.
The Swedish fashion major had revenue of Rs 275 crore (approx $42.3 million) for the December to February quarter with revenue jump of 21 percent.
The revenue jump in the Indian market during the six months is attributed to the brand’s foray into the online market with its e-commerce portal through which it managed to generate strong online sales. H&M had entered the e-commerce fashion market in India with its online store to customers across the country in mid-March.
The brand has also been aggressively expanding its physical network in the country and added 5 stores in H1 which contributed to the sales revenue.
H&M has been performing exceedingly well in the Indian market and managed to break even during its first year in India. Even though the sales have slightly slowed down, H&M continues to perform well in India as compared to the other markets.
For the previous fiscal year, H&M has reported an almost twofold sales increase in India compared to the year before which amounts to over Rs 955 crore.
H&M currently has 32 stores across the country along with an online portal. It plans to expand further in India by opening stores in metros, tier 1 and 2 cities to reach 50 stores by 2020.
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