Global fashion retailer H&M is all set to enter India's fast-growing home decor and furnishing market.

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The Swedish label will start selling home decor, furnishings, textiles, dinnerware, bed linen and more in March on its digital store hm.com and in partnership with e-commerce platform Myntra.

The company will also launch an H&M HOME store-in-store at its existing outlet in New Delhi soon, it said, without giving a timeline.

"India is an interesting and promising market that holds substantial potential, and we are excited to be meeting its high demand for affordable interior design of great quality”, Ida Lindahl, General Manager at H&M HOME said in a statement.

H&M HOME's arrival comes at a time when IKEA is aggressively building its presence in the country. In December, IKEA launched its first city store in Mumbai with more lined up for this year; it is aiming to reach at least 500 million people in India by 2030.

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India’s fast-expanding furniture and home market is expected to touch $40 billion GMV (gross merchandise value) by 2026, according to consulting firm RedSeer. Over the next five years, online furniture and home sales are expected to be growing at a strong 39 percent CAGR. The online home category includes home decor, furnishings, mattresses and lighting. The online furniture category will foresee 3X growth in shoppers in the next five years with a 1.8x jump in annual spending per shopper.

“There is a great deal of interest in interiors and design, and our customers have often asked for interior products in line with H&M’s business concept of ‘fashion and quality at the best price in a sustainable way’. We see huge potential in India and look forward to introducing H&M HOME to existing and new customers across the country”, said Yanira Ramirez, Country Sales Manager, H&M India.

Launched online in 2009, it is available in most H&M online markets, through standalone concept stores, and via shop-in-shops in H&M stores.

H&M launched in India in 2015 and operates 48 stores in the country. The retailer started selling online store in the country in 2018. In 2019, it entered into a partnership with Myntra to sell on its platform.

(Edited by : Priyanka Deshpande)

First Published:Feb 2, 2022 7:53 PM IST