Hennes & Mauritz India sales nearly doubled as the Swedish fast-fashion clothing retailer added stores in Asia's third-largest economy.
Sales rose 94 percent on a yearly basis to Rs 954 crore in the year ended November 2017, a company presentation said. That makes India its third-fastest growing market in terms of local currency as well as the Swedish Korna, after New Zealand and Cyprus.
H&M has 29 stores in the country, higher than its target of 25 in the financial year. The company started expanding into tier-2 cities in September last year, having built its presence in metros in the first two years of its launch. It had committed to spend Rs 700 crore to expand in the country at the time of launch.
The apparel retailer will open 390 new stores worldwide with a primary focus on growth markets like India. This year, it plans to add India to its 43 markets where is already sells online.
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