Swedish fashion retailer H&M looks to become a pan India player it is stepping up its expansion plans with four new stores slated to open this month in tier-II cities. H&M, which is two years old in the country, currently has 17 stores and looking to end the year with 25 stores.
After metros, H&M is getting into tier-II cities such as Indore, Coimbatore and Amritsar where stores are smaller in size 18,000 to 19,000 square feet about 30 per cent smaller than its stores in Mumbai.
H&M main rival Zara whose parent Inditex has 21 stores in eight cities and plans to open two-three stores a year going ahead.it has a JV with Tata owned Trent, opened its first store in the country in 2010.
According to the company sources, H&M's store in Indore will be opening on September 16 at Treasure Island Next followed by Prozone Mall in Coimbatore on September 22 and Woodburn Central in Kolkata on September 23. H&M will also open its first store in the Mall of Amritsar on September 30.
The report also stated that, H&M posted a net profit of Rs 1.4 crore on net sales of Rs 194 crore for the period October-March 2016. It posted sales of Rs 435 crore for the six-month period from December 2016 to May 2017, which is 161 per cent higher than corresponding period.