Sweden-based fashion retailer H&M (Hennes & Mauritz) has reported that sales for the fiscal year 2018 reached Rs. 1,109 crore in India as against Rs. 893 crore during the last financial year.
In the previous fiscal, the brand had reported a revenue increase of 40 percent in the country.
During the year, H&M opened 12 new stores to take its store count to 39 in India.
The strong festive season sales helped H&M India to record a 43 percent rise to Rs. 306 crore during the quarter ended November 2018, twice than a year ago period when it grew by 20 percent.
“Against a backdrop of rapid changes in the fashion industry, in 2018 we accelerated our transformation to future proof our business, ending a challenging year for the H&M Group and the sector with strong signals that we are on track,” said Karl-Johan Persson, CEO, H&M.
In several markets, the total growth was driven by both physical stores and online. Among these were China (+24 percent), India (+43 percent) and Russia (+27 percent).
Notably, H&M opened its first store in India in 2015. The aim is to open 50 stores across the country by 2020.
Download Perfect Sourcing News App for Latest Business of Fashion News.