Swedish fashion retailer H&M
is stepping up its expansion plans with four new stores slated to open this month in tier-II cities
as it looks to become a pan India player.
After metros, H&M
is getting into tier-II cities
such as Indore, Coimbatore and Amritsar where stores are smaller in size — 18,000 to 19,000 square feet — about 30 per cent smaller than its stores in Mumbai. The four stores will add space of 75,000 sq ft.
H&M, which is two years old in the country, currently has 17 stores and looking to end the year with 25 stores.
In comparison, its main rival Zara
whose parent Inditex has a JV with Tata
owned Trent, opened its first store in the country in 2010. It has 21 stores in eight cities
and plans to open two-three stores a year going ahead.
H&M's store in Indore will be opening on September 16 at Treasure Island Next
followed by Prozone Mall in Coimbatore on September 22 and Woodburn Central in Kolkata on September 23. H&M
will also open its first store in the Mall of Amritsar on September 30, the company said.
we see tremendous opportunity in the tier-II markets and look forward to bringing global fashion to the ever growing fashion conscious customers with our collections that include everything from the latest trends to timeless classics for customers across India to dress in their personal style," said an H&M
Earlier this year, H&M
created a record in the Indian fashion industry, by posting profit in the first six months of its operations in the country.
posted a net profit of Rs 1.4 crore on net sales of Rs 194 crore for the period October-March 2016, reports said.
posted sales of Rs 435 crore for the six-month period from December 2016 to May 2017, which is 161 per cent higher than corresponding period.
group has more than 4,400 stores in 66 markets, including franchise markets.