H&M sees 'tremendous potential' in India, to add 8 stores this year

By

Maverick Martins

Published
Jul 3, 2017

Swedish fashion retailer Hennes & Mauritz (H&M) is planning to add 8 new stores within the next 6 months as it see tremendous potential for growth in the Indian market.

After turning profitable in India by posting remarkable sales of Rs 435 crore (Approx. 67 Million USD) in six months from December 2016 to May 2017, the company has been inspired to invest heavily to expand the brand’s presence in the country.

“H&M is especially excited to expand its reach in India, a market that poses tremendous potential both in Tier I & Tier II cities”, Janne Einola, Country Manager at H&M India said in a statement.

With Tier 1 cities like Mumbai, Delhi and Bengaluru driving sales the company will add 5 more stores in these cities and experiment with Tier 2 cities with the other 3 stores.
 
H&M will add two new stores in Mumbai, two at Bengaluru and one in Delhi’s National Capital Region (NCR) of Ghaziabad. The brand will also foray into new cities of Coimbatore, Indore and Amritsar this year, the company said in a statement.
 
Majority of the brands are shifting their focus to tier 2 cities trying to cash in on the high spending capacity of these cities for growth.

H&M in its report earlier had said that it would venture into the online market in India which is another move by the company to cater to tier 2 & tier 3 cities where H&M does not have any physical presence.

H&M which entered India in 2015 currently has 16 stores in the country.