Fashion, Features

H&M expands to India

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The world’s second largest apparel retailer, Hennes & Mauritz is planning to invest approximately 100 million ($130 million) on an initial 50 stores in India. H&M is counting on India’s growing population and economy (Asia’s third largest) to bring in demands for its fast-changing fashion. Head of expansion at H&M, Fredrik Olsson, said in an interview that the Swedish group is set to expand with the addition of new stores across the world. While the giant retailer has over 2,800 retail outlets in 49 countries, 80 percent of sales are mainly from Europe, and a disappointing 6 percent from Asia. In recent years, H&M has been adding other brands such as ‘& other stories’ to its core H&M chain, to broaden its customer base. The ‘& other stories’ brand was created to steer the direction of fast fashion to high quality, pricier designer goods. On the other hand, H&M isn’t the only retailer emerging in Asia, Swedish furniture Chain Ikea, is also looking to start shop in India. Indian retail consulting firm Technopak has predicted the textile and clothing market in the country to reach up to $141 billion by 2021, more than double from the $58 billion in 2012.

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