- Angela Gonzalez-Rodriguez
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New York – H&M announced Monday it is partnering up with India’s
e-commerce giant Myntra to tap into the exploding Indian online market.
H&M launched its dedicated Indian e-commerce site last year which,
according to Fredrik Olsson, managing director at H&M, already generates
over 15 percent of its sales in the country. That’s higher than its global
average, highlights ‘Business Standard’. “This is only from our own portal.
With the tie-up with Myntra, which holds close to 40 percent share in the
online fashion retail market, we expect sales to grow further,” he said in
an announcement echoed by the financial paper.
On a related note, Janne Einola, country manager at H&M India, said the
brand would benefit from Myntra’s 30 million existing customers. “All our
products will be available on Myntra and hm.com both,” he said, advancing
that H&M plans to open a dozen outlets every year. Nevertheless, the scarce
of suitable real estate in smaller towns is a barrier that may keep its
offline focus on larger cities. To this regard, Olsson said he expects
tie-ups like these will help H&M reach millions of consumers in smaller
towns.
Fashion and lifestyle market in India is estimated to be growing at high
double-digit, with recent projections indicating it will grow from the
current 35,000 crore about 388 million dollars) to Rs 1 trillion (13
billion dollars) by 2025.
