H&M, the Swedish quick style large, is transferring its Indian headquarters from Delhi-NCR to Bengaluru to faucet into the town’s rising e-commerce and style expertise sector.
Pedestrians stroll previous an H&M retailer on Nanjing Street in Shanghai, China, on Saturday, July 27, 2024 (Qilai Shen/Bloomberg)
The corporate, which has over 100 staff, will likely be relocating from its Saket workplace in Delhi to a brand new workplace in North Bengaluru, in accordance with a YourStory report.
In keeping with the report, this transfer follows a collection of management adjustments at H&M India. Final yr, Louis Coucke, the corporate’s CFO and Nation Controller, left to affix the Dubai-based Albatha Group. Eric Bennici succeeded him, and Helena Kuylenstierna was appointed because the India Director in 2024.
Bengaluru and style
Bengaluru has turn out to be a hub for high expertise in e-commerce, expertise, and style. The town is residence to a rising variety of attire manufacturers, each conventional and digital-first, together with Uncommon Rabbit, Mensa Manufacturers, and Arvind Vogue. Main style platforms like Myntra, Ajio, Flipkart, and Meesho additionally name the town residence, making it a great location for H&M to broaden its presence.
The transfer comes at a time when e-commerce has turn out to be more and more vital for style retailers, particularly after the pandemic. H&M, which beforehand offered completely on Myntra, expanded its attain in 2023 by partnering with Ajio, the report additional added.
Rivals like Reliance Retail and Aditya Birla Group have additionally launched fast-fashion ventures in Bengaluru, making it a key participant within the business, the report added. In the meantime, H&M faces rising competitors from different international manufacturers, similar to Zara and Uniqlo, and Chinese language fast-fashion large Shein, which plans to return to India in partnership with Reliance, the YS report additional added.
Regardless of an 11 per cent rise in working income for FY24, H&M reported an 80 per cent drop in internet revenue.
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