08 January 2025, Mumbai
To tap into the city’s vibrant e-commerce and fashion-tech market, Swedish fashion retailer H&M (Hennes & Mauritz) is relocating its India headquarters from Delhi-NCR to Bengaluru. The brand currently operates out of Saket in Delhi and plans to establish its new office in North Bengaluru.
The move comes amid leadership changes at H&M India. In 2024, the brand appointed Helena Kuylenstierna as its new Director-India, succeeding Louis Coucke, who stepped down as CFO and Country Controller in 2023 to join the Albatha Group in Dubai. Coucke was replaced by Eric Bennici, a seasoned H&M executive.
Competing with global brands like Zara and Uniqlo, as well as growing number f domestic fashion startups, H&M operates around 65 stores across India. The brand also expanded its online presence by launching its products on Ajio in September 2024.
Despite the brand’s revenues growing by 11 per cent in FY24, H&M India saw net profits plummet by 80 per cent to Rs 8.32 crore due to reduced discretionary spending and high inflation. Globally, H&M has faced flat sales and lower profits in its third quarter, attributed to currency fluctuations, rising living expenses, and winding-down costs.
