H&M India stakes its future on the omnichannel business model.

H &M, the Swedish fast-fashion retailer, is set to expand its presence in India by opening six more stores and enter three cities by the end of 2023, besides focusing on boosting its online sales, said a top company executive.

“India is a growth market for us. The group understands the potential India has. We know we have just touched the surface, and will continue growing in India. My mandate is to continue with the omni-channel growth,” Yanira Ramirez, country sales manager, H&M India, said in an interview at the company’s headquarters in New Delhi on Tuesday.

Ramirez took over as country sales manager in 2021. For FY22, H&M India, which operates 51 stores, posted revenue of ₹2,115.18 crore, up 49% from a year ago, while its profit rose to ₹25.29 crore, according to data by business intelligence platform Tofler.

“We are one of the markets that is growing very fast. The fact that we are going to be able to launch six stores within six months is huge,” she said. “We are at 51 stores; we are going to end the year with 57. Likewise, we are in 26 cities and we are going to be in 29. This growth will continue for years to come.”

Three new stores will come up in Patna, Ranchi and Mangalore, and the rest in existing cities where H&M already has a presence.

H&M made its India debut in 2015 ushering in a culture of fast-fashion clothing. It occupies prime real estate across frequented malls and India’s high streets, competing with the likes of Zara, Vero Moda, Gap, and Uniqlo. Globally, it operates brands such as Cos, Monki, Weekday, & Other Stories, H&M Home and ARKET, among others. It sells its home ware range under H&M Home label in two stores and online.

H&M beat second-quarter profit estimates following substantial cost-cutting measures announced last September and as warmer weather drove demand for summer clothing in Europe, a 29 June report by Reuters said.

Ramirez didn’t confirm whether the group is set to bring more brands to India but talks of COS, a more upmarket brand, making its India debut have been doing the rounds.

Ramirez said her mandate is to drive omni-channel growth. “Our focus has been constantly been on expansion via omni-channel experiences. So, brick and mortar is super important and we launched a couple of stores even during covid, but not as fast as we wished.