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, according to a PTI report.
H&M would add 1.60 lakh square feet of retail space by the end of this year, totalling 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, Delhi NCR 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 told PTI.
H&M India clocked sales of approximately Rs 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 further told PTI.
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.