H&M bets big on India, sees no slowdown here

NEW DELHI: At a time when brands are complaining of a slowdown in consumption, one of the world's top apparel retailers, Sweden-headquartered Hennes & Mauritz (H&M), is betting big on its India commitment with a top company executive saying it has not experienced any slowdown in its stores in the country.
"There are always these discussions. If you look at the Indian economy it's still growing faster than most economies in the world.So far, we haven't seen any slowdown in this market and we haven't factored in one in our strategy. We are witnessing robust same-store sales growth. There are so many cities in India we are not present today. So, we see a lot of opportunities," Fredrik Olsson, MD of H&M Brand, told TOI.
H&M's sales in India during the second quarter ended May rose 39% as it clocked over Rs 1,100 crore in annual sales in 2018, becoming one of the fastest growing lifestyle brands in the domestic market. "Fashion apparel is growing at 5-7% globally, but the growth has shifted. Digital is becoming much more important," said Olsson.
"We have seen very strong growth coming from India. And we believe that it will continue. It's a high priority market for us. We are closely following what the team is doing here. Our store base will grow. We will continue to invest in digital. First was setting up our own digital platforms, second is our collaboration with Myntra, and our next step will be to connect all these platforms to create a seamless environment where consumers can move between channels."
H&M operates 43 stores in the country. "We see smaller stores. We are flexible. We operate stores between 1,200 and 6,000 square metres, depending on where the store is located. The smaller stores are located in smaller places with less traffic," said H&M India's country manager Janne Einola.