H&M to add 8 stores in 6 months, go on­line in In­dia

Shoes & Accessories - - The Month That Was Updates | India -

Swedish fash­ion re­tailer Hennes & Mau­ritz (H&M) will add eight more stores to its net­work over the next six months fo­cus­ing on tier II cities. H&M would add 1.60 lakh square feet of re­tail space by the end of this year, to­tal­ing 6.50 lakh square feet within two years of start­ing its op­er­a­tion in In­dia. The ad­di­tion of new stores would take its count to 24. Be­sides, the com­pany has also plans to go on­line in the In­dian mar­ket from 2018. “This au­tumn, H&M will have 8 more stores across Mum­bai, Ban­ga­lore, Del­hincr as well as In­dore, Coimbatore and Am­rit­sar. Adding a to­tal of 1,60,000 square feet of re­tail space,” H&M In­dia Coun­try Man­ager Janne Ei­nola. H&M In­dia clocked sales of ap­prox­i­mately ` 435 crore from De­cem­ber 1, 2016 to May 31, 2017. “We do see In­dia as an im­por­tant part of our global ex­pan­sion; we aim to grow with our busi­ness con­cept of Fash­ion and Qual­ity at the Best price in a sus­tain­able way,” he said.

The Swedish firm, which last week came out with its six months re­port, said that to start on­line sales from 2018 is a move to tap the grow­ing e-com­merce seg­ment. “In­dia will be a new H&M on­line mar­ket in 2018. Ad­di­tional new on­line mar­kets will open in 2018,” the com­pany had said in the re­port. How­ever, the com­pany did not share de­tails about its on­line sales strat­egy, as how it would start oper­a­tions in In­dia. “H&M is es­pe­cially ex­cited to ex­pand its reach in In­dia, a mar­ket that poses tremen­dous po­ten­tial both in Tier I & Tier II cities and now on­line”ei­nola said. In the first half of 2017, H&M rolled out six new on­line mar­kets -Turkey, Tai­wan, Hong Kong, Ma­cao, Sin­ga­pore and Malaysia and has plans to add Philip­pines and Cyprus later in 2017. PTI

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.