By guest author Rasul Bailay from Indian Times
The world’s second largest fashion retailer has in the past said it was exploring possibilities for its other labels to tap India’s growing fashion market after the success of H&M brand. The group’s other brands include Weekday, Monki and Araket. H&M declined comment. “As per H&M policy, we do not comment on rumours,” company spokesperson said.
After opening about four dozen outlets of its flagship H&M, Swedish fashion house H&M Group now plans to bring another fashion label, Cos, to India, three people familiar with the development said.
“They are planning to open two each (outlets) in Delhi region and in Mumbai starting next year,” one of them told ET. “They are also exploring to bring a couple of their other fashion brands.”
The world’s second largest fashion retailer has in the past said it was exploring possibilities for its other labels to tap India’s growing fashion market after the success of H&M brand. The group’s other brands include Weekday, Monki and Araket.
H&M declined comment. “As per H&M policy, we do not comment on rumours,” company spokesperson Dhatri Bhatt said in an email response.
Cos, an abbreviation of ‘Collection of Style’, is a mid-market fashion brand priced slightly higher than H&M with more than 290 outlets in 44 countries.
Market watchers said H&M has been encouraged by strong quarter-to-quarter sales for its flagship brand in India. Buoyed by the addition of new stores and aggressive pricing strategy, H&M reported 45 % increase in sales in India for the year ended November 2019 at Rs 1,491 crore.
The fast-fashion giant will also open its home furnishing vertical H&M Home that sells products such as cushion covers, blankets, curtains and accessories, said two of the people cited earlier.
H&M’s India country manager Janne Einola had told ET last year, “We are looking at the home segment and it will be decoration products and not furniture. There are not many players in that category and the product range doesn’t change for years. In the organised sector, our strength will be the latest assortment.”
The company is looking to open standalone outlets for its home furnishing vertical and may also use one floor of its largest store of about 40000 square feet in Mall of India in Noida to sell H&M Home products, the sources said.
H&M has been one of the most aggressive fashion players in India in terms of store expansion. Since its foray into the country in October 2015, the Stockholm-based retailer has opened 46 outlets. In comparison, Spanish rival Zara, which had entered India five years earlier, has so far opened about two dozen stores in the country.
H&M said it will continue its aggressive expansion strategy in India with a renewed target of reaching 100 outlets.