Fast fashion retailer H&M has been garnering huge success in India as is evident from its latest report.
The company’s annual profit increased by 29 per cent to Rs. 45 crore from its India operations. The total revenue rose by 39 per cent to Rs. 1,236 crore, according to data sourced from Veratech Intelligence.
H&M entered India in 2015 and has 42 stores in 15 cities.
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 that it will launch India-specific festive collections across its stores as a part of its attempt to localise offerings, in line with Uniqlo’s decision to launch a kurta collection.
Earlier this year, H&M announced plans of expanding across the country with its plan to garner audience in four more cities – Nagpur, Kochi, Jalandhar and Dehradun. The stores are set to open in the coming months of 2019.
Hennes & Mauritz AB, parent group of the 72-year-old core brand, H&M also decided to expand its portfolio of offerings by selling external brands and products in a test run at a global level.
A company spokesman said that complementing the H&M brand with external brands would hopefully attract new shoppers.