In 2019, fashion retail chain H&M reported revenue of Rs 1,700 crore, 14 per cent higher year-on-year, from Rs 1,490 crore a year earlier. The Swedish brand has continued to expand its market in India by double digits since its entry in 2015. In 2019, however, its growth dropped dramatically from the previous year. Its top line increased to 43 per cent in 2018.
Recently also the H&M added a new member discount in India. With the pandemic of Covid-19 and lockdowns seriously affecting on-floor shopping. On its short-term ambitions, the effect was also felt. Although it launched eight and 12 stores in 2018 and 2019, it only opened two outlets in Bhubaneswar and Lucknow this year. This will bring the shop count to 50, distributed across 25 Indian towns.
“We experienced a revenue loss of 31 per cent during the first nine months. Our activities here are actually at the 50 per cent mark. I don’t think we’re going to be able to hit last year’s 2020 revenue estimates”, ‘said Janne Einola. H&M uses a schedule for the financial year from December to November.
In 2019, the Myntra marketplace and its own online store received about a quarter of their revenue from the two online platforms. “For the moment, the share of online providers will remain high until the situation normalises,” Einola said.