Fashion retailer H&M recorded 30 percent growth in net sales in India during the six-month period ended May 31, according to its global earnings report. The Swedish fashion giant had net sales of approximately 836.0 crore (SEK 961 million) in India between December 1 and May 31, compared to about 645.5 crore (SEK 742 million) in the same period last year.
The retail company monitors the period from December 1 to November 30 as a financial year.
The company, which entered India in 2015 via a foreign direct investment retail route, currently operates 50 stores in 25 cities in the country. The brand also has a strong digital presence in the country through its own online store, and its products are also available on Myntra.
Major fashion retailers recorded net sales growth globally in the first half of the year. “H & M’s net sales in local currencies increased by 12 percent in the first half of 2021 compared to the corresponding period last year,” it is stated.
In a global earnings statement released on Thursday, Helena Helmersson, CEO, H&M Group, said: “As more and more people are vaccinated and restrictions are relaxed, the world is gradually opening up and customers can revisit our stores. With a combination of esteemed collections, rapid adaptation and further improvements, our recovery is strong. Despite constant restrictions, sales increased significantly compared to the previous year. The third quarter started well and we almost got back to the level we were at before the pandemic. “
“Online sales continued to develop very well even when the stores opened, which shows that customers appreciate the collection and the ability to purchase through the desired channel,” the company added.
In the second quarter ended May 31, net sales of the fashion retailer in India rose by more than 200 percent to around 307 cro crore (SEK 353 million) compared to the same period last year.