27 December 2021, Mumbai:
H&M’s sales in India has fallen but the Swedish fashion retailer has still managed to retain its position as India’s largest fast fashion brand by revenues on aggressive store expansion and lower pricing. During the fiscal, H&M also became one of the largest apparel brands online with the e-commerce business accounting for about 42 per cent of its overall sales.
Between April and June 2020 most malls were shut in the country, affecting sales of nearly every discretionary category. With stores being shut for most of the first quarter and customers apprehensive to step out throughout the year, e-commerce sales picked up but could not compensate for sales at H&M’s brick-and-mortar stores.
H&M stocks fast fashion items created in-house and teams up with designers for one-time collections. It keeps a large inventory of basic, everyday items sourced from places including India and Bangladesh that carry lower price tags than those of most of its rivals. H&M entered India in 2015. Apparel brands and retail companies continue to remain impacted on account of resurgence of Covid, partial lockdowns implemented in certain parts of the country and weak consumer sentiment. However, demand is expected to surpass pre-Covid demand in the fourth quarter.
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