Swedish retailer H&M to bring home décor products to India – Economic Times
Hennes & Mauritz (H&M) on Wednesday said it plans to bring its home décor and furnishing products segment H&M Home to India this spring.
H&M will roll out its home products as a store-in-store in its outlet in Ambience Mall in Vasant Kunj in New Delhi and the world’s second largest fashion retailer will also simultaneously launch those products online through its portal hm.com and on Myntra.com in March. H&M plans to extend selling home products to many of the stores in many cities after that.
Since its India debut in late 2015, the largest Swedish fashion retailer operates 48 stores in two-dozen Indian cities.
“We will be reviewing wherever we are able to go (with home products) but we are super important for us is our online channel because we are able to offer them to every customer around India,” Yanira Ramirez, country sales manager for H&M India, said in her first media interaction since assuming the role of India head a year ago.
H&M reported an 11% fall in its India sales in the year to March 2021, but still managed to retain its position as country’s largest fast fashion brand by revenues on aggressive store expansion and lower pricing. H&M posted sales at Rs 1,402 crore during 2020-21, down from Rs 1,582 crore in the year ago, according to its latest filing. During the fiscal, H&M also became one of the largest apparel brands online with sales of Rs 579 crore from ecommerce business, accounting for about 42% of its overall sales.
Ramirez said the Swedish retailer will launch all its home product categories in India including cushion covers, bed linens, kitchen items, candle stands, vases and bathroom accessories among other products and they will be priced in the range of Rs 149 for small plates to Rs 7,999 for curtains. She India already accounts for 30% of H&M’s global sourcing for home products.
H&M’s latest plans to bring home décor products in India come at a time when retailers are reeling under two years pandemic-induced low sales and dwindling footfalls in stores.