After its success in India with the opening of four dozen stores of its flagship H&M, the Swedish fashion house H&M group is now planning to bring another magnificent fashion label, Cos to India, three people familiar with the matter said.
“They are planning to open two each (outlets) in Delhi region and in Mumbai starting next year. They are also exploring to bring a couple of their other fashion brands. ”
Collection of Style (Cos), is a fashion brand with prices slightly higher than H&M with over 290 outlets in 44 countries.
H&M in the past stated that it was exploring possibilities for its other labels to tap India’s growing fashion market after the success of the H&M brand. The group’s other brands include Monki, Weekday and Araket.
Market observers said H&M has been encouraged by strong quarter-to-quarter sales for its flagship brand in India. Buoyed by the aggressive pricing strategy and launching new stores, H&M reported an increase in 45% of its sales in India for the year ended November 2019 at Rs 1,491 crore.
The fashion giant is also planning to launch its home furnishing vertical H&M Home that sells products like curtains, cushion covers, blankets, and accessories, stated two of the people cited earlier.
The company is planning to open independent outlets for its home furnishing vertical and might also use one floor of its largest store of about 40,000 sq ft in Mall of India, Noida to sell H&M Home products.
Janne Einola, H&M India’s country manager, last year stated, “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 organized sector, our strength will be the latest assortment.”
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H&M has been one of the vigorous fashion players in the country in terms of store expansion. Since its incursion into the country in October 2015, the Swedish multinational clothing retailer has opened 46 outlets. In comparison, Spanish rival Zara has opened about two dozen stores in the country.
H&M stated it will continue its vigorous store expansion strategy in India with a renewed target of 100 outlets.