H&M (Hennes & Mauritz AB), the Swedish multinational clothing retail company and international fashion retailer opened its 16th and first store in Hyderabad on Saturday. The company-owned outlet will occupy two floors spread over 33,000 sq ft in InOrbit Mall.
Janne Einola. Its country manager said that H&M, which entered India 18 months ago, has been doing well. They earned₹194 crore with a modest profit of ₹1.4 crore in 2015-16 through Indian operations and is set to increase its strength in India to 20-plus stores by opening half a dozen new ones by December 2017.
He felt India offers huge potential going by the performance of H&M in the past 18 months and the market feedback. The implementation of GST and the saturation in Chinese textile market along with the problems facing Bangladesh should hold out big promise for the Indian textile sector growth.
Their strategy for growth will be to locate stores in malls in tier-I & II cities and to run own outlets. Known for fashion and quality at the best price in a sustainable way, they offer casual to formal wear.
The company is set to launch its second store in Bengaluru at 1 MG Lido Mall soon. It has production offices in Delhi and Bengaluru and employs 1,200, of whom 40 per cent are women. there are no plans for any joint venture, Janne said.
H&M entered the country through a 100 percent FDI approval for Single Brand Trade route. It has a long-term plan to grow to 50 stores and invest over €100 million in India.
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