H&M to begin online sales in India next year

Overall, H&M is 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. In some of H&M's established markets, online sales account for nearly 25-30 per cent of the total sales.

"This year we are also opening eight new H&M online markets, so that online shopping will be available in 43 markets by the end of the year. 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," said H&M chief executive officer Karl Johan Persson, in a press release.

In 2017, H&M opened six online markets and will further expand in Cyprus and the Philippines. "The fashion retail sector is growing and is in a period of extensive and rapid change as a result of ongoing digitalisation. The competitive landscape is being redrawn, new players are coming in and customers’ behaviour and expectations are changing, with an ever greater share of sales taking place online," said Persson.

The H&M group’s sales including VAT increased by 7 per cent to SEK 173,290 m (161,767) during the first nine months of the financial year. Sales excluding VAT amounted to SEK 149,597 m (139,547), an increase of 7 per cent. The growth target of the fashion retailer is to increase sales in local currencies by 10 – 15 per cent per year with continued high profitability. (RR)

Fibre2Fashion News Desk – India