 "H&M wants to be a pan-India player: Janne Einola")
Swedish fashion retailer H&M has opened over half-a-dozen stores in India and is looking to double the count by the end of this year. Rival to Spanish fashion chain Zara, H&M has opened many stores located close to Zara outlets in the country. Ahead of a store opening in Mumbai, Janne Einola, country manager at H&M India spoke to Raghavendra Kamath about the company’s India plans. Edited excerpts:
What is the response to your stores so far?
Response has been good so far and as per our expectations. We believe Indian market has a great potential. Since Indian shoppers have high knowledge of western-wear, we expect to do well here.
Your competitors like Zara have had an early start. How will you catch up with them?
Yes, some of our competition started early. But we came at the right moment. We entered after the Indian government relaxed norms and allowed 100 per cent FDI in single brand retail. Our business model is working here and we aim to grow further. We have seven stores now and will take it to 12 by the end of the year. We will open the first High Street store in Connaught Place in Delhi soon.
What changes have you made to your merchandise to ‘Indianise’ your offerings?
Nothing. We sell exactly the same products that we sell across the world.
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You follow an import model. How will you replenish your merchandise fast?
We have a warehouse in India and we can replenish goods fast from there. India is part of our global supply chain and we source from here. Globally, we source 80 per cent of our products from Asia and it will help Indian operations.
What is your vision for the Indian market?
Our aim is to be a pan-India player with high fashion quotient and great prices. Globally, we open 10-15 per cent more stores and we believe India can meet that benchmark.
You asked for longer rent-free periods and asked for investment from mall developers. People say you are squeezing developers. Your comment?
I don’t want to comment on that. But we have had good co-operation from developers.