H&M’s annual profit in India has risen 29 per cent. H&M entered India in 2015 and has 42 stores in 15 cities. H&M will enter four new cities in India this year. These are Kochi, Nagpur, Dehradun and Jalandhar. Each will have a store spread over 65,000 sq ft housing collections for women, men, teenagers, and children. This is the world’s second biggest clothing chain. The retailer stocks fast fashion items created in-house and teams up with designers for one-time collections. The Swedish fashion retailer has expanded across India’s metros and is now targeting Tier II and III cities for growth. It currently operates 42 stores across Delhi NCR, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Amritsar, Indore, Coimbatore, Kolkata, Mohali, Mysore, and Ahmedabad. To cater to a wider audience across India and boost sales, H&M has launched its website and partnered with fashion platform Myntra. The plan is to open 50 stores across India by 2020.
The Indian fashion retail market is expected to reach $ 103 billion by 2027. As the world’s second most-populated country, India is an attractive market for US and European brands and has attracted some of the world’s largest private labels that are banking on young consumers increasingly embracing western-style clothing.