H&M, the global fashion brand that is known for its fast fashion collections has opened its first ever “home format” store at Mumbai.
The 3,700 sq ft store has come up at the city’s famed Phoenix Market City at Kurla.
Atul Ruia, Chairman, Phoenix Mill stated, “We are thrilled to announce Mumbai’s first-ever H&M Home store at Phoenix Marketcity Mumbai! At The Phoenix Mills Ltd., we are proud to have H&M in our portfolio, with this newest addition.
Together, we continue to create memorable and unique shopping experiences across all our shopping centres.”
H&M Home competes in India with the likes of Shoppers Stop’s format Home Stop and Landmark’s Home Centre and Ikea, which is present in a few metro cities.
With a burgeoning set of well heeled consumers who appreciate aesthetics at home with an interesting collection of artefacts, home linen and furniture accessories, the home improvement market in India is estimated to be INR 160,000 Cr (USD 222 Bn).
As is the case of the overall retail industry, less than 10% of this market is organised and therefore the upside for formal retail companies is quite high indeed.
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