Sweden-based fashion retail brand H&M has registered 40 percent growth in its India business in the fiscal year 2018 ended in March.
As per the Registrar of Companies Filing, H&M India recorded an income of Rs. 640 crore in fiscal 2017. In FY 2018, the fashion brand witnessed Rs. 893 crore in revenue.
Markedly, H&M’s prime rival Zara reported a revenue increase of 19 percent to Rs. 1,221.67 crore in FY 2018 from its 20 stores.
Notably, H&M launched its maiden store in India in 2015, and since then it is expanding at one brick-and-mortar store a month. Currently, H&M has 34 stores in the country.
H&M eyes 50 stores in India in the next two years with an investment of Rs. 700 crore.
The expansion of physical space has lifted the brand’s consciousness among the consumers. Even H&M credits new store openings for the growth it has witnessed in India.
“H&M’s fashion offering and great prices have seen a very good response from customers since we launched three years ago. Expanding our presence with 14 new stores in the year has also been a driving factor,” an H&M official told media.