H&M Registers Sales Of Rs 435 Crore, Plan To Add 8 More Stores
H&M, the Swedish clothing brand, has signed leases for eight new store locations, to open in the second half of 2017 and are planning their shop online launch in 2018.
With an accumulated space of more than 160,000 sq. ft, these stores will be launched in new cities as well as cities with currently operational stores.
The brand will continue its strong expansion in new cities with openings planned in Coimbatore at Prozone Mall, in Indore at TI Next and in Amritsar at Mall of Amritsar.
Further strengthening its presence in existing locations, there will be a sustained focus on Tier 1 cities- Mumbai will see the launch of two new stores at Le Palazzo, South Mumbai and Seawoods Grand Central Navi Mumbai making a total of five store locations. Delhi NCR will see the opening of its sixth location at Red Mall, Ghaziabad.
The brand reaffirms its interest in the southern part of the country with two new stores planned in Bengaluru at Vega Mall and Mantri Square, the city has two existing stores at VR Mall and 1MG Mall.
Commenting on this development, Janne Einola, Country Manager at H&M India says, “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”.
In a period of six months, the clothing brand has registered sales approximately of Rs 435 crore.
According to a report released by Stockholm the H&M group’s sales including VAT increased by 9 percent to SEK (Swedish Krona)113,907 m (104,965) during the first six months of the financial year. Sales excluding VAT amounted to SEK 98,368 m (90,565). In local currencies sales increased by 5 percent.
The group’s focus is to grow through physical stores and online as well as to further integrate the online and offline channels.
