- Angela Gonzalez-Rodriguez |
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.