Hennes & Mauritz (H&M) is keen to enter India’s home decor and furnishing products industry, a move that will pitch the global fashion retailer against local firms Bombay Dyeing and Fabindia, and its Swedish competitor Ikea. H&M Home sells products such as cushion covers, blankets, curtains, and accessories.
Globally, H&M Home is mostly present with 362 shop-in-shops and eight standalone stores, in about 50 countries. With annual sales of `1,109 crores in India, H&M, the world’s second-largest clothing firm, has surpassed all apparel brands except Zara in revenue after three years of India operations. The Stockholm-based retailer stocks fast-fashion items created in-house, and teams up with designers for one-time collections.
It keeps a large inventory of basic, everyday items sourced from manufacturers in India and Bangladesh. These items carry lower price tags than those sold by rivals. H&M said India is a large global supplier for home products and if these items are sold locally, the sourcing norms would be met. Ikea opened its first India-based store in Hyderabad last year, while the JSW group launched its brand Forma in the furniture and furnishings segment a month ago