Swedish Fashion retailer H&M is accelerating the pace of its retail expansion in India in the post-pandemic times. The Swedish fast fashion brand, which recently began selling home decor products in India under H&M Home, considers India as a key growth market. The company, which forayed into India through the single-brand retail route in 2015, expects to end this year with a total count of 57 stores.

Yanira Ramirez, Country Sales Manager, H&M India told businessline, “Coming out of the pandemic, which was a difficult time for everyone, we were able to open only one new store in 2021 and two new stores in 2022. But in the last six months, we launched three new stores and refurbished our flagship store at Select City Walk in New Delhi. We are very proud that going forward over the next six months, we will be able to deliver six new stores. So this indicates the growing pace of our physical expansion in the country.”

Adding stores in new and existing markets

“Right now we have 51 stores and we are going to end this year with 57 stores. Currently, we are present in 26 cities. This expansion will help us grow our presence in 29 cities with the addition of three new markets by the end of the year,” she explained.

The company will be adding stores in new markets of Ranchi, Patna, and Mangalore, besides strengthening its presence in existing markets of Ahmedabad, Hyderabad and Bengaluru.

“India is a growth market for us. The group has a huge belief in this market. The kind of expansion we are undertaking in 2023 indicates the immense potential the market offers,” Ramirez pointed out.

Consumer trends and changing lifestyles in India

The retailer is also betting big on H&M Home as a key growth pillar for its business in India. “H&M Home offers value-for-money products at the right price and a wide range of collections. It has been well-received by consumers. While it is helping us be a one-stop shop for fashion and home for our existing customers, it is also enabling us to acquire new consumers,“ Ramirez said.

Talking about consumer trends, Ramirez said, “Indian consumers are value-conscious but also very demanding as they are keen to understand and discover various options in fashion. We are also seeing a changing lifestyle with a growing health awareness.

Besides the offline channel, H&M also sells its products through its own site as well as through Myntra. “The online channel is growing strongly and enables us to become more accessible across the country. With our new warehouse in New Delhi we are able to deliver products to consumers in shorter periods of time,” she added.

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