15 September 2022, Mumbai:
H&M’s net sales increased by three percent in the third quarter of 2022 compared with the corresponding period last year.
The third quarter got off to a weak start, in common with the industry in many of the group’s major markets. Sales improved sequentially during the quarter, with a better start for the autumn collections than last year.
Apparel brands and retail companies continue to remain impacted on account of resurgence of Covid, partial lockdowns implemented in certain parts of the world and weak consumer sentiment.
H&M is continuing its expansion in the Indian market with revamped, spacious and exceptional designs for the new stores. H&M currently operates 49 stores across 26 cities and also sells its products online through on HM.com and Myntra.
The fashion retailer has managed to retain its position as India’s largest fast fashion brand by revenues on aggressive store expansion and lower pricing.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. H&M’s new store in Lucknow is spread over 1,160 square meters.
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