With the aspiration to take on the Indian home furnishing giants like Bombay Dyeing, D’Decor and Fab India, one the World’s largest clothing firms H&M Hennes & Mauritz AB is set to enter India’s home décor and furnishing products market soon.
H&M has already captured the Indian clothing market with its huge collection of fashionable and trendy styles. Grossing over 1,109 crores in annual sales, the clothing firm is only second after Zara in annual revenue after just three years of operation in the country, Economic Times reports.
With H&M’s entry in the home décor and furnishing market, the Swedish company will be the second international & Swedish giant to enter the Indian market after IKEA that opened its store in Hyderabad last year.
A branch of the up-street fashion label, H&M home will try to consolidate the unorganized home furnishing sector in Indian and in the process meet the 30% local sourcing norms that are a mandate for foreign single-brand retailers to operate in India.
In its proposed assortment, H&M home is slated to focus on cushion covers, blankets, curtains, and other home accessories and not furniture, H&M’s India chief executive Janne Einola notes.
This decision could be a reflection of the saturated market and also because their peer IKEA is running the show already.