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H&M, the renowned Swedish fast-fashion retailer, has announced plans to expand its presence in India by opening six additional stores and entering three new cities by the end of 2023. This expansion is part of the company's strategy to tap into the immense growth potential of the Indian market and enhance its online sales platform.
Yanira Ramirez, the Country Sales Manager for H&M India, expressed enthusiasm about the company's prospects in India. In an interview with the press, Ramirez emphasized the group's understanding of India's potential and its commitment to further growth in the country.
Under Ramirez's leadership, H&M India achieved significant milestones in the fiscal year 2022. With 51 stores operating across the country, the company recorded a revenue of ?2,115.18 crore, representing a remarkable 49% increase compared to the previous year. Additionally, the company's profit rose to ?25.29 crore, according to data from the business intelligence platform Tofler.
The upcoming store openings will include three new locations in Patna, Ranchi, and Mangalore, while the remaining stores will be established in cities where H&M already has a presence. This strategic move aims to capitalize on the existing brand recognition and customer base in these areas.
H&M entered the Indian market in 2015, introducing a culture of fast-fashion clothing to the country. With prime locations in popular malls and high streets, the retailer competes with well-known brands such as Zara, Vero Moda, Gap, and Uniqlo. Globally, H&M operates multiple brands, including Cos, Monki, Weekday, & Other Stories, H&M Home, and ARKET. In India, it also offers its home ware range under the H&M Home label, available in select stores and online.
The company's strong financial performance in the second quarter of this year further bolsters its expansion plans. Benefiting from substantial cost-cutting measures implemented last September and increased demand for summer clothing in Europe, H&M exceeded profit expectations, as reported by Reuters on June 29.
While Ramirez did not confirm the arrival of additional brands in India, speculations have circulated regarding the potential debut of COS, H&M's more upmarket brand, in the country.
Ramirez emphasized the company's commitment to omnichannel growth, with a focus on expanding both brick-and-mortar stores and online operations. Despite challenges posed by the COVID-19 pandemic, H&M has continued to prioritize its expansion efforts, albeit at a slightly slower pace than desired.
As H&M continues to make significant strides in India, its expansion plans highlight the company's confidence in the country's growing market and its commitment to offering trendy and affordable fashion to Indian consumers. With the opening of new stores and a strengthened online presence, H&M aims to solidify its position as a leading player in India's fashion retail industry for years to come.
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