H&M will open doors to its latest store in Bhubaneshwar on Saturday, reaching the 50th stores milestone that is achieved through aggressive expansions.
The world’s second largest fashion retailer had opened its 49th outlet in in November 2020 in Lucknow. So far, H&M has opened outlets in cities including Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Dehradun, Kochi, Bhopal, Jalandhar, Pune, Amritsar, Indore, Coimbatore, Mohali, Mysore, Ahmedabad, Lucknow and Raipur.
“We are excited and thrilled to open our 50th store in the country! The journey so far has been exciting and memorable,” Amit Kothari, head of marketing and communications for H&M India, said in a statement.
H&M had made its India debut in the Select Citywalk Mall in New Delhi in October 2015.
H&M has been one of the most aggressive fashion players in India in terms of store expansions. Since its arrival in India in October 2015, the Stockholm-based retailer has so far opened 49 outlets compared to rival Zara has opened 24 stores – half of number of stores of H&M – even though the Spanish brand entered India five years ahead of its rival.
H&M said it will continue its aggressive expansion strategy in India with a renewed target of reaching 100 outlets.
H&M has overtaken its main rival Zara also in terms of revenues to become India’s largest clothing brand by sales in FY19-20 driven by aggressive store expansion and lower pricing.
H&M expanded sales 28% to Rs1,582 crore during the year ended March 2020, according to its latest filing sourced from Altinfo, a data insights firm. In comparison, Inditex Trent, a joint venture with Tata that runs Zara stores in India, saw revenue rise 9% to Rs 1,570 crore last fiscal.
The Swedish fashion retailer also launched its online platform hm.com in March 2018 followed that was followed by its online partnership with Myntra.com in August 2019.
Market watchers said the Swedish retailer has been encouraged by strong quarter-to-quarter sales for its flagship brand H&M in India.