Swedish fashion retailer Hennes & Mauritz (H&M) has decided to open eight new stores In India over the next six months focusing on tier II cities. The addition of new stores would take its count to 24. H&M would add 1.60 lakh square feet of retail space by the end of 2017, totalling 6.50 lakh square feet within two years of starting its operations in India.
“This autumn, H&M will have eight more stores across Mumbai, Bangalore, Delhi NCR as well as Indore, Coimbatore and Amritsar. Adding a total of 1,60,000 square feet of retail space,” H&M India country manager Janne Einola told a news agency.
“We do see India as an important part of our global expansion; we aim to grow with our business concept of fashion and quality at the best price in a sustainable way,” he was quoted as saying.
H&M India clocked sales of approximately Rs 435 crore from December 1, 2016 to May 31, 2017. The company also plans to go online in India from 2018. The Swedish firm said that to start online sales from 2018 is a move to tap the growing e-commerce segment.
“India will be a new H&M online market in 2018. Additional new online markets will open in 2018,” the company said in a report.
“H&M is especially excited to expand its reach in India, a market that poses tremendous potential both in tier I and tier II cities and now online” Einola said.
In the first half of 2017, H&M rolled out six new online markets – Turkey, Taiwan, Hong Kong, Macao, Singapore and Malaysia. It has plans to add Philippines and Cyprus later in 2017. (SV)