H&M India, the well-known fashion retailer, is looking to expand its presence in the country by adopting an omnichannel model. Yanira Ramirez, the country sales manager for H&M India, stated in an interview that India is a high-growth market for the company, and they are fully aware of its immense potential. Despite already having 51 stores in the country, Ramirez believes that H&M has only scratched the surface and will continue to grow in India.
For the fiscal year 2022, H&M India reported a 49% increase in revenue to ₹2,115.18 crore, with a profit of ₹25.29 crore, according to business intelligence platform Tofler. Ramirez is thrilled with the rapid growth they have achieved so far and shared that H&M India will open six new stores in just six months, taking the total number of stores to 57 by the end of the year. Additionally, they plan to expand their presence from 26 to 29 cities. The upcoming store openings will be in Patna, Ranchi, and Mangalore, as well as in existing cities where H&M is already present.
H&M entered the Indian market in 2015, introducing the concept of fast-fashion clothing to the country. Its stores are strategically located in popular malls and high streets, competing with other fashion brands like Zara, Vero Moda, Gap, and Uniqlo. Apart from H&M, the company operates other brands globally, including Cos, Monki, Weekday, & Other Stories, H&M Home, and ARKET. H&M Home, their home ware range, is available in two physical stores and online.
The company’s impressive performance in the second quarter, beating profit estimates, can be attributed to the cost-cutting measures it implemented in September 2020 and the increased demand for summer clothing in Europe due to warmer weather.
While Ramirez did not confirm the introduction of any new brands in India, there have been rumors of the upmarket brand COS making its debut in the country. However, her primary focus is to drive omni-channel growth for H&M India. She emphasized the importance of brick-and-mortar stores but also highlighted the expansion of online channels, especially during the COVID-19 pandemic.
Meeting the guidelines and ensuring an SEO-friendly and conversational tone, this news article covers H&M India’s plans to expand its footprint in the country by adopting an omnichannel model. The article also includes relevant financial and market information, providing a balanced view of the company’s growth strategy and performance.
