H&M India sales fall 74% during March-May quarter

Highlights :

H&M India sales fall 74% during March-May quarter.
H&M is the world's 2nd largest clothing firm.
Globally, the Group's net sales decline by 50%

Hennes & Mauritz ( H&M ) India reported a 74% decline in sales for the quarter ended May 2020, as most of the stores remained shut for nearly 2 months in the quarter.

The world's 2nd largest clothing firm, which follows a December-November financial year, reported sales of ₹ 90 crore in the 2nd quarter.

During the six months period ended May, it clocked ₹ 602 crore, a 19% fall as compared to a year ago.

Globally, the group's net sales fall by 50% as stores were temporarily closed in many markets.

The Stockholm-based H&M has opened a store a month in India on average, so far since it's entry in India in October 2015, taking the total count to 48 at present.

About H&M :

Hennes & Mauritz (H&M) is a Swedish multinational clothing-retail company, known for its fast-fashion clothing for men, women, teenagers and children.

As of November 2019, H&M operates in 74 countries with over 5,000 stores under the various Company brands.

H&M is the 2nd largest Global clothing retailer, just behind Spain-based Inditex (parent company of Zera).

The company was founded by Erling Persson in 1947, when he opened his first shop in Sweden.

The shop, called Hennes ( Swedish for Hers ) exclusively sold women's clothing. In 1968, Persson acquired the hunting apparel retailer, Mauritz Widforss, which led to the inclusion of menswear collection in the Products range, nad the name changed to Hennes & Mauritz H&M.

H&M : Hennes & Mauritz (H&M) is a Swedish multinational clothing-retail company, known for its fast-fashion clothing for men, women, teenagers and children. As of November 2019, H&M operates in 74 countries with over 5,000 stores under the various Company brands. H&M is the 2nd largest Global clothing retailer, just behind Spain-based Inditex (parent company of Zera). The company was founded by Erling Persson in 1947, when he opened his first shop in Sweden. The shop, called Hennes ( Swedish for Hers ) exclusively sold women's clothing. In 1968, Persson acquired the hunting apparel retailer, Mauritz Widforss, which led to the inclusion of menswear collection in the Products range, nad the name changed to Hennes & Mauritz H&M.

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