The world’s second-largest clothing firm, which follows a December-November financial year, reported sales of Rs 1,491 crore, growing significantly faster than it did a year ago when it expanded 29%. During the year, it opened eight new stores in the country and kept prices lower than those of its rivals.
Swedish fast-fashion retailer Hennes & Mauritz (H&M) reported a 45% increase in sales in India for the year ended November 2019, helped by addition of new stores and aggressive pricing.
The world’s second-largest clothing firm, which follows a December-November financial year, reported sales of Rs 1,491 crore, growing significantly faster than it did a year ago when it expanded 29%. During the year, it opened eight new stores in the country and kept prices lower than those of its rivals.
“Our stores continue to do strong sales, our online site and Myntra tie-up has shown good growth too. We look forward to Indian design collaboration with Sabyasachi launching soon and becoming increasingly relevant to the Indian audience,” said H&M’s India CEO Janne Einola.
In its earnings statement released on Thursday, the company said its upgraded customer loyalty programme has more than 65 million members in 19 markets now and that it will continue to be rolled out to additional markets in 2020, including India and South Korea.
H&M has opened a store a month in India on average so far since its entry in October 2015, taking the total count to 47, ahead of its target to reach 50 stores by 2020.
