H&M, the Sweden-based global fashion retailer, posted a 40 per cent increase in sales for the year ending March 2023 as it has sales of Rs. 2960 crore during 2022-23, compared to Rs. 2115 crore in the last fiscal. In overseas apparel brands in India, Zara is on number two with a revenue of Rs. 2562 crore in last fiscal.
H&M is also one of the largest apparel brands online with revenues of Rs. 1178 crore from the e-commerce business, accounting for about 40 per cent of its overall sales.
In its recent annual report, the company said that a new logistics centre for online sales was put into operation in New Delhi in the beginning of the year.
As per H&M’s latest filing with the Registrar of Companies, its net profit increased 72 per cent during the year to Rs. 43.6 crore.
Though the retailer’s sales expansion was lower compared to 49 per cent a year ago but it is still managing to retain its position as India’s largest fast fashion brand by revenues on lower pricing.
H&M, which opened a store a month in India on average since its entry in the country in October 2015, also saw its slowest expansion ever last fiscal when it opened less than five stores.
