H&M India Expects 40% Sales Growth In 2019
H&M India plans to focus on expanding into tier-II cities.
Hennes & Mauritz India said its sales in the December-February quarter rose by 42 percent and the Swedish fashion retailer expects it to grow at the same rate for the rest of 2019.
“Sales in the quarter was above Rs 340 crore,” Janne Einola, country manager of H&M India told BloombergQuint in an interview.
The contribution of H&M India’s online sales to revenue was in double-digits, Einola said, without specifying the exact number. Globally, H&M clocks 14 percent of its revenue from online sales, he said.
After launching its e-commerce platform in March last year, the company has now tied up with Flipkart and its subsidiaries—Myntra and Jabong—to boost its online sales.
Einola said H&M India plans to focus on expanding into tier-II cities and will open one store a month as growth is faster in tier-II cities than in tier-I cities.
The retailer currently operates 41 stores across the country.