Swedish apparel retailer H&M will continue to expand its physical stores in India although it is closing down 250 stores globally, betting on the long-term potential of the country, according to a senior company official.
The firm which opened its first store in India in 2015 currently has 48 outlets in 24 cities but may not open as many stores in the next five years as it also focuses on enhancing its digital presence.
“In India we are relatively small and there is great potential to grow with physical stores as well as digital in future. So for us physical stores remain incredibly important and we want to ensure that we have the right stores at the right locations also in the future,” H&M India Country Manager Janne Einola said.
Earlier this month, the Swedish retailer had announced that it will close 250 stores globally next year in the wake of the coronavirus pandemic as consumers are increasingly shopping online. It has 5,000 stores worldwide.
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