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Swedish fashion retailer Hennes & Mauritz (H&M) will roll out its online marketplace in India by next year, after witnessing huge demand from the country leading to nearly three times jump in sales this year.
The company, which had 17 stores at the end of August 31, clocked sales of about ₹703 crore from during December 2016 through August 2017, up ₹291 crore in the year-ago period, as per the company’s nine-month report for the period.
“Next year, we plan to continue our online expansion into further countries, including India. The plan is that in the future, we will offer online shopping in all store markets as well as in other markets,” H&M CEO Karl-Johan Persson said.
Joining e-commerce
The group had a total of 4,135 H&M stores as of August 31, 2017, of which 176 are operated by franchise partners. In the nine-month period, the group opened 264 own stores worldwide and closed 53 stores, a net increase of 211 new stores.
The company, which has seen growing number of footfalls over two years, is now betting big on the e-commerce space as part of its expansion plans.
“We are continuing to improve the online store and are adding more and faster delivery options, while at the same time further broadening the range of products online,” Persson said.
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