Swedish fashion retailer plans Myntra launch this year, aims to have 50 stores by 2020
Swedish fashion retailer Hennes&Mauritz’s Indian sales jumped 39% in the second quarter ended May, one of the strongest growth across markets, helped by new store additions and increasing push for full priced merchandise. H&M’s India business grew 16% in the same quarter a year ago to Rs. 273 crore. While the fast fashion brand didn’t disclose actual sales numbers for the quarter, a back of the envelope calculation indicated sales of about Rs. 380 crore.
“The H&M group continues to increase full-price sales, reduce markdowns and increase market share, showing that customers appreciate our collections and the improvements we are making to the product assortment and the customer experience,” global chief executive Karl-Johan Persson said in a statement. More than three years after its India entry, the retailer clocked over Rs. 1,100 crore in annual sales becoming the fastest growing lifestyle brand in the country. The company also said by autumn 2019, H&M will be launched on India’s ecommerce platform Myntra. “This means that millions of customers all over the country will gain access to and be able to experience the best of H&M and have the products delivered directly to their homes,” added the statement.
H&M opened, on an average, a store every month, taking the tally to over 42 and has plans to reach a count of 50 stores by 2020. H&M stocks fast fashion items created in-house and teams up with designers for one-time collections. It keeps a large inventory of basic, everyday items sourced from places including India and Bangladesh that carry a lower price tag than most of its rivals. Spanish chain Zara, which opened its first store in India in 2010, had set the benchmark as the fastest-growing – and now the biggest international apparel brand in India. Its Indian partner recently said it will raise Rs. 1,550 crore through issue of shares to fund expansion plans of its department chain Westside and value format Zudio. Also, Japanese fashion brand Uniqlo plans to roll out its first store in India in the New Delhi region later this year.
