H&M to open 3 new stores in India by June; Mumbai to get seventh outlet

Swedish fashion retailer Hennes & Mauritz (H&M) plans to open three new stores in India by end of June.

While Mysore and Ahmedabad will see the launch of first store, Mumbai will have its seventh, as per the expansion outlay of the company.

H&M had posted nearly two-fold increase in sales in India to 1,179 million Swedish krona (over Rs 9.55 billion) for financial year ended November 2017, thus making the country one of its fastest growing markets.

The company had posted sales of 606 million Swedish krona (around Rs 4.90 billion) in 2016, it said in its full-year report.

H&M said it has plans to start online sales in India in 2018 along with other global markets, including Kuwait, the United Arab Emirates and Saudi Arabia.

The company operates 29 stores across Delhi NCR, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Amritsar, Indore, Coimbatore, Kolkata, Mohali & Raipur.