H&M to open 50th outlet in India, Retail News, ET Retail
Hennes and Murtitz AB (H&M) is rolling out its 50th outlet in India, a landmark attained in much less than five decades right after it entered the region via its wholly-owned retail subsidiary.
H&M will open doors to its most current store in Bhubaneshwar on Saturday, achieving the 50th shops milestone that is obtained via aggressive expansions.
The world’s 2nd major trend retailer experienced opened its 49thoutlet in in November 2020 in Lucknow. So significantly, H&M has opened outlets in metropolitan areas together with Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Dehradun, Kochi, Bhopal, Jalandhar, Pune, Amritsar, Indore, Coimbatore, Mohali, Mysore, Ahmedabad, Lucknow and Raipur.
“We are psyched and thrilled to open our 50th store in the region! The journey so significantly has been fascinating and unforgettable,” Amit Kothari, head of marketing and communications for H&M India, claimed in a assertion.
H&M experienced designed its India debut in the Pick out Citywalk Shopping mall in New Delhi in Oct 2015.
H&M has been a person of the most aggressive trend players in India in conditions of store expansions. Given that its arrival in India in Oct 2015, the Stockholm-dependent retailer has so significantly opened forty nine outlets as opposed to rival Zara has opened 24 shops – 50 {cbf6da10fac2230370cea9448ed9872290737d25c88b8c8db3eefaf8c399e33d} of range of shops of H&M – even however the Spanish brand entered India five decades in advance of its rival.
H&M claimed it will proceed its aggressive expansion approach in India with a renewed concentrate on of achieving one hundred outlets.
H&M has overtaken its main rival Zara also in conditions of revenues to become India’s major clothing brand by revenue in FY19-twenty driven by aggressive store expansion and reduce pricing.
H&M expanded revenue 28{cbf6da10fac2230370cea9448ed9872290737d25c88b8c8db3eefaf8c399e33d} to Rs1,582 crore for the duration of the year ended March 2020, in accordance to its most current submitting sourced from Altinfo, a facts insights organization. In comparison, Inditex Trent, a joint venture with Tata that operates Zara shops in India, noticed earnings increase 9{cbf6da10fac2230370cea9448ed9872290737d25c88b8c8db3eefaf8c399e33d} to Rs one,570 crore very last fiscal.
The Swedish trend retailer also launched its on line platform hm.com in March 2018 followed that was followed by its on line partnership with Myntra.com in August 2019.
Industry watchers claimed the Swedish retailer has been inspired by powerful quarter-to-quarter revenue for its flagship brand H&M in India.