Fashion retailer H&M clocked 30 per cent growth in net sales in India during the six month period ended May 31, according to its global earnings report. The Swedish fashion giant raked in net sales of approximately ₹836.0 crore (SEK 961 million ) in India in the December 1-May 31 period, up from about ₹645.5 crore (SEK 742 million) in the corresponding period last year.

The retail company follows the December 1 to November 30 period as the financial year.

The company, which entered India in 2015 through the single-brand FDI retail route, currently operates 50 stores across 25 cities in the country. The brand also has a strong digital presence in the country through its own online store and its products are also available on Myntra.

The fashion retail major witnessed growth in net sales globally in the first half of the year. “The H&M group’s net sales in local currencies increased by 12 per cent in the first half of 2021 compared with the corresponding period last year,” it said.

In the global earnings statement released on Thursday, Helena Helmersson, CEO, H&M Group, said, “As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores. With the combination of much appreciated collections, rapid adaptation and further improvements, our recovery is strong. Despite continued restrictions, sales increased significantly compared with the previous year. The third quarter have started well and we are almost back at the level we were at before the pandemic.”

“Online sales have continued to develop very well even as the stores have opened, which shows that customers appreciate the collections and being able to shop via their preferred channel,” the company added.

In the second quarter ended May 31, the fashion retailer’s net sales in India surged by over 200 per cent to about ₹307 crore (SEK 353 million) compared to the corresponding period last year.

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