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New Delhi, Jan 30 () Swedish fashion retailer Hennes &amp; Mauritz (H&amp;M) posted a 42.54 per cent rise in sales in India to 2,007 million Swedish krona (around Rs 1,486 crore) for the fiscal ended November 2019.
 The company had posted sales of 1,408 million Swedish krona (around Rs 1,043 crore) in 2018, the H&amp;M group said in its full-year report.
 H&amp;M, which follows the December-November financial year, also added eight more stores during the period in India, totalling to a network of 47 stores.
 Besides, H&amp;M also plans to roll out a customer loyalty programme in India.
 "H&amp;M upgraded the customer loyalty programme and now has more than 65 million members in 19 markets and will continue to be rolled out to additional markets in 2020, including India and South Korea," the company said in a post-earning statement.
 In 2019, H&amp;M launched a range of products on leading e-commerce platform Myntra, besides having presence in the online segment through its own channel.
 The H&amp;M group's global net sales increased 11 per cent to SEK 232,755 million in the 2019 financial year and the gross profit increased to SEK 122,453 million. SEK is an abbreviation for Swedish krona.
 "Sales growth was good in many markets in the fourth quarter. In India, sales increased 33 per cent in local currency, in Poland by 21 per cent, in Mexico by 18 per cent and in Russia by 12 per cent. In Sweden, sales increased by 7 per cent, while sales in the US and the UK increased by 6 and 3 per cent, respectively, said H&amp;M Chief Executive Officer Karl-Johan Persson said.
 Australia is scheduled to become a new H&amp;M online market in the second half of 2020, while in South Korea, it will launch the brand on the e-commerce platform SSG.COM.
 The group is also increasingly integrating online and physical stores for optimisation of the store portfolio.
 "Around 200 new stores are planned to open in 2020, mainly in growth markets, while at the same time, consolidation will continue with around 175 planned store closures, mainly in established markets. The net addition of new stores for full-year 2020 is expected to be around 25," the statement said.
 H&amp;M India Country Manager Janne Einola said, "We are delighted with the India results. Within 5 years in the country, Rs 1,500 crore sales show that the customers are happy with H&amp;M's business idea."
 He added that the company looks forward to the Indian design collaboration with Sabyasachi tie-up coming soon. KRH HRS

H&M India sales jump 42 pc to Rs 1,486 crore in 2019

<ul><li>The <keyword id="6387077" type="UNKNOWN" weightage="20" keywordseo="narendra-modi-government">Narendra Modi government</keyword> has eased the norms for 30% local sourcing rule for FDI in single-brand retail trading.</li><li>The government has now allowed online sales even before a company sets up a brick and mortar presence in India.</li><li>This will invite major single brand retailers who want to enter the Indian market.</li></ul>Indians will now be able to enjoy more stores of Swedish furniture giant <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">IKEA</keyword>, or Spanish brand <keyword id="6377147" type="PERSON" weightage="20" keywordseo="zara">Zara</keyword>, <keyword id="150626" type="COMPANY" weightage="20" keywordseo="HM">H&amp;M</keyword> and many more, all thanks to government’s move to relax laws. They will also be able to buy more foreign brands online, even those which have no stores in the country yet. Yesterday, the government in its Foreign Direct Investment (FDI) policy changes, eased the norms that had earlier held them back – like 30% local sourcing rule for single-brand retailers. "H&amp;M has been sourcing from India since the last 30 years for its international markets, its great to see global sourcing is now part of the 30% local sourcing norms. We see this supporting the ease of doing business in India and driving in larger investments from global companies," said Janne Einola, Country Manager H&amp;M India. The Narendra Modi-led government has been chasing growth at a time when the country’s corporate sector is saddling debt coupled with slow demand. To supplant this gap, the government is trying to attract foreign investors who are keen on the India growth story. “This will lead to greater flexibility and ease of operations for single brand retail trading (SBRT) entities, besides creating a level playing field for companies with higher exports in a base year,” said the government said. As a part of the eased norms, the government decided that all procurements made from India by the single brand retail entity shall be recognised as local sourcing. This is irrespective of whether the goods procured are either sold in India or exported. Green signal to global corporations The relaxation of the FDI norms will send the green signal to global corporations who want their share of the growing Indian retail market. “Many foreign brands have been in a wait-and-watch mode on account of the difficulties so far perceived in meeting the mandated sourcing norms. With more clarity, many such players can now make their foray into India to tap into India’s consumption story - and to boost investments here,” said Shobhit Agarwal, MD and CEO, ANAROCK Capital. Online before brick The government also allows online sales even before a company sets up a brick-and-mortar presence. “Online sales will also lead to creation of jobs in logistics, digital payments, customer care, training and product skilling,” said the government said. This will invite major single brand retailers who want to enter the Indian market, without necessarily having to invest in the required physical infrastructure. “Massive capital is required for setting up a physical store vis-à-vis online platforms. Now retailers can start online sales without having to open physical stores. This will significantly ease capital pressure on small retailers who are looking to start afresh,” said Agarwal.

India gives green signal to global majors like IKEA, Zara, H&M and more

<keyword id="150626" type="COMPANY" weightage="100" keywordseo="HM">H&amp;M</keyword>'s Indian business clocked sales of Rs 704 crore (SEK 874) during December 2016- August 2017, compared to Rs291 crore (SEK 361) a year ago, it said in its nine-month performance report on Thursday. With about 17 stores until August, each generating an average of Rs 58 crore annually in sales, H&amp;M's performance is the best within the apparel space in the retail market. "The customers response to H&amp;M's global <keyword id="6" type="ENTERTAINMENT" weightage="20" keywordseo="fashion">fashion</keyword>, quality and prices as well as our expansion strategy of opening stores in metros and tier 2 cities continues to drive strong growth," said Janne Einola, Country Manager, H&amp;M India. After opening its first store in October 2015, H&amp;M's Indian unit posted Rs 194 crore in sales during year-to-March 2016, with a net profit of Rs1.4 crore. It rose sharply to about Rs640 crore with net profit of Rs15 crore during last fiscal ended March 2017 through 15 stores, many of them barely few months old then. Spanish chain <keyword id="6377147" type="PERSON" weightage="20" keywordseo="Zara">Zara</keyword>, a direct competition to H&amp;M has opened its first store in India in 2010, had set the benchmark as the fastest-growing - and now the biggest international apparel brand in India - with sales of Rs 1,023 crore during FY16-17. H&amp;M, the world's second-largest clothing giant, had said it will open 50 stores in India with an investment of Rs 700 crore by 2020. So far, they have opened 20 doors. The Stockholm-based brand stocks fast fashion items created in-house and teams up with designers for one-time collections. It keeps a large inventory of basic, everyday items sourced from places including India and Bangladesh that carry a lower price tag than most of its rivals. "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&amp;M said in their investor The Indian retail market was worth $641 billion in 2016 and is expected to reach $1.6 trillion by 2026, according to the <keyword id="5284850" type="ORGANIZATION" weightage="20" keywordseo="india-business-of-fashion">India Business of Fashion</keyword> 2017 report.

H&M business more than doubles in India in last nine months, sales clock over 700cr

Bengaluru is all set to have it’s first store of H&amp;M, the Swedish retailer, which is known worldwide for fashion and quality at the best price. The store will open at VR Bengaluru on Friday, 25 March at 11 AM. 
 
The 30,000 plus square feet store would be spread over 2 floors, so that it can offer a wide variety of the latest fashion trends to Bengaluru’s fashion-loving crowd. 
 
"We are very proud to open our first store in VR Bengaluru and bring to our customers what H&amp;M is known for world over- fashion and quality in the best price, in a sustainable way." Janne Einola, country manager for H&amp;M Hennes &amp; Mauritz Retail, India, told ET. "At H&amp;M we always have something for everyone, and we can't wait to welcome all Bengaluru shoppers to this fantastic store." 
 
At the launch weekend, there would be some great surprises for the shoppers, including performances, foot-tapping music and H&amp;M goodies. 
 
After Bengaluru, H&amp;M has plans to open stores in Mohali, Noida and Mumbai. 
 
After the government allowed 100 per cent foreign direct investment in single-brand retail, H&amp;M is the first overseas firm to enter India alone. 
 
<a href="http://cultcranberry.com/wp-content/uploads/2015/09/hm-563x353.jpg">Image source</a>

Bengaluru to have its first H&M store this month

<keyword id="686667" type="ORGANIZATION" weightage="100" keywordseo="Hennes-Mauritz-AB">Hennes &amp; Mauritz AB</keyword>, or <a href="http://www.businessinsider.in/searchresult.cms?query=H%26M&amp;sortorder=effectivedate">H&amp;M</a>, the international retailer whose recent foray into India barely a year back has seen an unprecedented response has revealed the three <a href="http://www.businessinsider.in/searchresult.cms?query=INDIAN+CITIES&amp;sortorder=effectivedate">Indian cities</a> that will get <keyword id="3430197" type="UNKNOWN" weightage="60" keywordseo="HM-outlets">H&amp;M outlets</keyword> this year. 
 
The Swedish brand has zeroed in on <a href="http://www.businessinsider.in/searchresult.cms?query=CHENNAI&amp;sortorder=effectivedate">Chennai</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=PUNE&amp;sortorder=effectivedate">Pune</a> and Mumbai for store openings later this year. 
 
Following two consecutive openings in Mumbai in fall, the third store in the city will be located at Inorbit Mall, Malad and spread across 30,800 sq.ft. 
 On the other hand, Chennai will have its first <keyword id="150626" type="COMPANY" weightage="100" keywordseo="HM">H&amp;M</keyword> store sprawling over 34,500 sq.ft at Express Avenue Mall while two locations have been confirmed for stores in Pune at Phoenix Marketcity (33,000 sq.ft) and Westend Mall (23,000 sq.ft). 
 
At the moment, H&amp;M has three outlets in Delhi and one in Bengaluru. 
 After a robust India entry, H&amp;M plans to maintain its new opening strategy in the market. In keeping with the brand’s global mandate, the focus will remain on launching new stores at key <keyword id="6368952" type="ORGANIZATION" weightage="100" keywordseo="shopping">shopping</keyword> and retail destinations across India, so as to give fashion-lovers the complete H&amp;M experience. 
 "H&amp;M is having a great first year in India, the fantastic response from our consumers, to adopt international trends in their wardrobes, and a stronger economy have encouraged us to explore new markets in metros and beyond. All our new locations will be full concept stores, offering the latest in women’s, men’s and children’s <keyword id="6" type="ENTERTAINMENT" weightage="100" keywordseo="fashion">fashion</keyword>,” elaborated Janne Einola, Country Manager.

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H&M India sales jump 42 pc to Rs 1,486 crore in 2019

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