H&M, which competes with Zara in the fast fashion category, has been steadily narrowing the gap with its larger rival in the country. While H&M entered India in 2015 and has 42 stores in 15 cities, Zara has 22 outlets though it has been present in India since 2010.
Swedish fast fashion retailer Hennes&Mauritz (H&M) reported a 29% increase in its annual profit to Rs 45 crore from its India operations. Total revenue rose 39% to Rs 1,236 crore, according to data sourced from Veratech Intelligence.
H&M, which competes with Zara in the fast fashion category, has been steadily narrowing the gap with its larger rival in the country.
While H&M entered India in 2015 and has 42 stores in 15 cities, Zara has 22 outlets though it has been present in India since 2010. The Spanish company saw its revenue rise 17% to Rs 1,438 crore in 2018-19 with net profit of Rs 71 crore.
The fast fashion category is expected to heat up further in the country with the entry of Japanese retailer Uniqlo earlier this month. H&M said last week it will launch India-specific festive collections across its stores as part of its attempt to localise offerings, in line with Uniqlo’s decision to launch a kurta collection.
