BIZ-H&M-INDIA GROWTH H&M reports 19% sales growth in India in Dec-May

New Delhi, Jun 28 (PTI) Swedish fashion retailer H&M has reported 19 per cent growth to 696 million Swedish Krona (approx Rs 532 crore) in the Indian market in the December 2017-May 2018 period aided

New Delhi, Jun 28 (PTI) Swedish fashion retailer H&M has reported 19 per cent growth to 696 million Swedish Krona (approx Rs 532 crore) in the Indian market in the December 2017-May 2018 period aided by online expansion plans.

The company, which follows December-November financial year, had reported a sales of 586 million Swedish Krona (approx Rs 448 crore) here in the corresponding period last year.

However, in terms of local currency, the sales growth for the H1 period was 26 per cent, H&M informed in its six-month report.

While for the second quarter (March-May), H&M reported 16 per cent growth with a sales of 347 million Swedish Krona (approx Rs 265 crore) here as against 298 million Swedish Krona (approx Rs 228 crore).

During the H1 period, H&M added 5 stores in India and as on May 31, 2018, the company was operating 32 stores here.

H&M has reported net sales of 98,165 million Swedish Krona in H1 period and was operating 4,801 stores globally. It was 114 billion Swedish Krona including VAT.

The company has added 127 new stores globally and closed 65 stores during December to May period.

Commenting on the expansion strategy, H&M said, “In spring 2018 the online expansion continued into further three markets – India, which opened in March, and via franchise to Saudi Arabia and the United Arab Emirates, which opened in May.” The company further added, “The plan for the future is to offer online shopping in all our store markets and in other markets as well”.

This is published unedited from the PTI feed.