Project Report

(Project Semester V 20th August – 31st December 2024)

"H&M's Market Strategy and Global Reach: A Study of Brand

Evolution in the Fashion Industry"

Submitted by:

Tanushree Sharma

22BBAN403

Under the Guidance of

University Guide: Industry Guide:

Mr. Arun Gautam Shruti Sharma
Assistant Professor Assistant Manager

Faculty of Management
JECRC UNIVERSITY, JAIPUR
20th August – 31st December 2024
 DECLARATION

I hereby declare that the work reported in this thesis entitled "H&M's Market Strategy and
Global Reach: A Study of Brand Evolution in the Fashion Industry" resulted out of the
summer internship project undertaken at “H&M – Fashion and Quality at the best price”
resulted out of the summer internship project undertaken at “H&M – Fashion and Quality at the
best price” during the period 20th August – 31st December 2024 is original and has not been
previously submitted anywhere else.

Name: Tanushree Sharma

Enrollment No.: 22BBAN403

 CERTIFICATE

This is to certify that the work incorporated in the summer period "H&M's Market Strategy
and Global Reach: A Study of Brand Evolution in the Fashion Industry" submitted by
Tanushree Sharma was carried by the candidate under my supervision. It is certified that the work
has not been submitted anywhere else for the award of any other degree or diploma of this or any
other university. We also certify that she complied with the Plagiarism Guidelines of the
University.

Name: Arun Gautam

Signature:

Date:
I, Ms. Tanushree Sharma, hereby express my gratitude for the tremendous support and
enthusiasm that I received throughout the course of this project. I would like to acknowledge the
guidance of Prof. (Dr.) Renu Pareek, Dean of management and Prof.
 Table of Content

S.No. Topic
1) Introduction
1.1 Growth of Fast Fashion across the Country
1.2 About H&M
1.3 Rationale
1.4 Research Objectives

2) Company’s Business Profile

2.1 Brief History of H&M
2.2 Mission and Vision of the Firm
2.3 USP of H&M

3) Marketing Mix
3.1 Product Mix
3.2 STP
3.3 Ans-off Matrix
3.3.1 Indian Scenario
3.3.2 Global Scenario

4) Retail Mix

5) Organizational Structure

6) HRM
6.1 Recruitment and selection Process
6.2 Social Compliance

7) Supply Chain Management

8) Sustainability Initiatives by H&M

9) Growth of H&M in decade

10) Financial Analysis

11) Pest Analysis

12) Consumer Analysis

12.1 Interpretation
12.2 SWOT

13) Competitor Analysis

13.1 Interviews
13.2 BCG Matrix

14) Conclusion & Reflections

15) References

16) Annexures
 Executive Summary
The project aims to gain knowledge about the brand H&M Globally as well as in relation to it’s recent
entry in India. Since it has given consumer a new choice for the fast fashion products. Also globally
leading this brand had been planning to enter India since past few years and after it’s entry it marked the
first day sales crossing 1.75 Crores showing the enthusiasm of the consumers towards the firm. Also
presence of it’s competitors from past few years has lead to a comparative study for the same. The prime
aim of the project is to study 3 things

1. The brand
2. The consumer’s forming perception about this newly entered brand
3. To draw a comparison between H&M and it’s competitor

To study the brand, interview were conducted with the internal customers of the firm to know it’s working
policies and internal environment. Also on look at the website gave the full information about the
connectivity of the firm across the globe and it’s ethical working conditions. Since the company have
major focus on sustainability thereby reports and articles of company’s initiatives towards the cause were
looked at. Since the firm has entered India 2 months ago therefore the consumer’s perception towards the
brand holds utter importance since the firm’s success or failure depends more on how the customers find
their product. Thus a consumer analysis was conducted with aim to know the what the final consumers
think about H&M. Also few shoppers were interview as to how was their experience at H&M

The firm has entered a competitive environment where the fast- fashion brands are already established
thereby a comparison was drawn among the brands both in terms of satisfaction of internal customers as
well as external customers for better understanding and suggestions for further areas of improvement.
Also a comparison in terms of difference in Economic Environment over past 5 years was studied.

The report finds that the brand is doing well globally and has been able to keep it’s employees happy and
satisfied and has achieved the rank 24 in the world by Great places to work. Also financially the company
is in healthy state. However there is a lot to go do for external customers in terms of Location of the
stores, Trust, Awareness, Merchandise.

The information collected in consumer analysis was from the sample size of 99. Thereby the analysis are
in accordance to the sample size and in depth interviews conducted with the consumers as well as
employees
  Introduction
In India the Textile & Apparel market was estimated at INR 3,20,000 crore (USD 58 billion), in
2013, and is projected to grow at a CAGR of 9% to INR 7,57,000 crore (USD 138 billion) by
2023 (Technopak 2015). It is the second largest industry in India, giving employment to
approximately 45 million people (India Brand Equity Foundation 2015). Moreover if you look
at the market size projection in table below India got the highest annual compound growth rate
of 12% that means that the market size in India is projected to grow at the highest pace in the
following forecast.
The growth of apparel industry and the potential of the nation haslead to increased investment of
foreign retailers. The partial growth in this sector can be attributed to the emergence of new
industry players called “fast fashion retailers”- which can be seen as an explosive expansion in
past few years. Fast fashion is a phrase used for designs that move quickly from the catwalk to
showrooms to tap the latest consumer
trends, is growing at a yearly pace of
25-30%, twice the rate of the overall
market (Tandon,S&Agarwal,S 2013)
The tables were turned from classic
fashions to fast fashion by coming up
of ZARA in India in 2009 which
became the first apparel brand in
India to cross $100-million sales
mark, five years after it opened it’s
first shop here.(Malviya,S 2015)
Source: Statista.com
Figure:1
Fast-Fashion In India
The reasons for the rapid growing fast fashion in Indian consumers could be following:
1) Increase in disposable income. By 2005, 21 million of India’s 210 million households
already earned more than $4,000 a year, qualifying them for membership in what we call
“the consuming class.” Based on McKinsey research, by 2015 the number of consuming
class households will likely triple to 64 million.
2) Both the Genders in India equally love
shopping for clothes: According to UN reports
India’s population is the youngest across the
world. Another research tells that both the
genders in India equally love shopping for
apparels.In a market where almost all shoppers
love or enjoy clothes shopping, it is no surprise
that India is projected to become the world's third
largest apparel market by 2020. Source: Cottoninc.com Figure: 2
3) New occasions: As the lifestyles of India’s prospering urban consumers have evolved,
their clothing needs have broadened, reflecting more varied usage occasions. With more
 socializing opportunities consumers are buying more sophisticated combination of outfit
which is different for different occasions, also the ideology of wearing a garment for a
season or for one particular occasion has lead to increased opportunities of fast fashion
retailers. Today, Indians are more inclined than consumers in other markets to buy
apparel for a specific purpose. Indeed, 38 percent of Indian respondents to a recent
McKinsey study said they were highly likely to buy apparel for special events—a
significantly higher proportion than in Brazil (5 percent), Russia (3 percent) or China (6
percent).
4) Fashion increasingly a form of self-expression. Increasingly, Indian consumers are
embracing the idea of fashion for its own sake, as a means of self-expression, and not
merely as a functional purchase. Television, movies, advertising and the Internet bombard
today’s Indian consumer with new ideas about style, even as American-style shopping
malls lure them away from traditional marketplaces. In a recent McKinsey survey of
Indian consumers, 62 percent said they thought it was important to “keep up with trends.”
5) Further urbanization and the comparative youth of India’s population. At present,
just 29 percent of India’s population resides in cities, among the lowest urbanization rates
of any nation in the world. But that has been changing. Over the next 20 years, we expect
the number of Indians living in cities to grow by 300 million, where they will don new
styles and fashions to match new lifestyles.
6) Continued rise of “organized retail”: The increase in number of organized retail outlets
has given the opportunity to the Indian consumer to undergo the transformation in terms
of taste and preferences as the influence from the west is so strong in India that organized
retailing has become a medium to narrow the gap between the fashion of west and the
domestic trends. (Vittal, I 2010)
Zara one of the leading fast fashion retailers entered India in 2009 and became the first
company to cross $100 million in five years since it opened up. Following the same trend
Hennes and Muaritz (H&M) entered India recently on October 2 2015 exploring Indian
market with the aim to spread all across nation. The response received for H&M was
seen in the sales of the first day of launch which was 1.75 crores that is approximately
double of what Zara earned on it’s first day launch (Maliviya, S &Bhushan,R 2015).
Thereby the brand chosen for the project is H&M since it’s completely new to Indian
market and thereby provides and interesting field to further more research on.
 About H&M
The Sweden based apparel brand Hennes&Muaritz popularly known as H&M is the
world’s second largest apparel company which exists in 61 countries with over 3,700
stores and employed around 132,000 people across the globe (Bloomberg Business
2013). This brand is popularly known for it’s hot-off-the-runway fashions at an affordable
prices and it’s fast fashion concept has dominate the youth around the globe. The basic
ideology of H&M is “fashion and quality at the best price for everyone in a sustainable
way”.
  Rationale
The global apparel industry has experienced a compound annual growth rate of 4.3%
since 2000, reaching a market size of USD 1.7 trillion in 2012 (Euromonitor International
2013). The growth has not only been in terms of revenue. The number of pieces of
clothing purchased per capita increased from 9.0 in 2000 to 13.9 in 2012 worldwide
(Caro, F 2014). Talking about India, the apparel market size is projected to grow from
USD 45 billion in 2012 to USD 200 billion in 2025; a CGRA of 12% (Statistic Portal
2015). Thus the potential in India is much higher and therefore Investment in this nation
is a promising future (Perrson, J 2015). Also considering the changing taste and
preferences of the end consumer the apparel market leaders have moulded the idea of
clothing, where in the ancient times it was just a medium to cover the body and now it is
much more than just covering, it depicts the individuality of the person. Henceforth the
fashion and the society are interlinked characters. With blurring gender lines in the
society has grabbed the attention of the world and the fashion called ‘Androgynous
Fashion’ has come into play. The key players of this fashion statement example H&M has
spread the fire of the same among the fashion consumers. Another concept that this brand
is really popular among youth is ‘Fast Fashion’ which is a business model that o ers (the
perception of) fashionable clothes at a ordable prices. Thus the brand chosen for the
project is H&M since it’s completely new to India market, and has started giving tough
competition to it’s peer competitors where it earned 1.75 crore on it’s grand opening on
October 2, 2015 which is almost double to it’s rival Zara(Malviya, S &Bhushan, R
2015) . Thereby it is an interesting field to explore as to how it continues to delight
it’scostumers & grow in Indian market. Also it’s ethical working policies and personal
interest has led to working and exploring on this brand.

 Research Methodology
Figure: 3
 RO2: To Examine Consumer’s buying behavior for H&M

Research Design:Exploratory & Descriptive

Data Collection Tool

Primary

Quantitative Qualitative

Close Ended Questionnaire In-Depth Interview

(Structured & Non-Disguised) (2)

Personal Observation
Sampling Process

Sample Sample Area:

Technique:Convenienc Delhi NCR
e & Judgmental
Sampling
Data Analysis:SPSS
Sample Size: 99
-M Annova
-Crosstab
-Mean
Figure:4
 Company’s brief Profile
 Brief History of H&M
The history of H&M started with a man named ErlingPersson, who was a Swedish former
salesman that became fascinated with America’s high-volume efficient outfits that 8 Barneys and
Macy’s carried. Persson first discovered the outfits when coming to the United States after World
War II. Persson brought the retail concept – that high turnover produced lower prices – and
brought it back with him to Sweden. It was then that Erling chose to open his own store which he
called Hennes, standing for “hers” in Swedish. During this time the store only sold women’s
clothing (International Directory of Company Histories, 1999). The company Hennes was
established in 1947 in Vasteras, Sweden and by 1968 Persson had purchased the men’s
sportswear inventory and property of a Stockholm hunting equipment store which was named
MauritzWidforss. ErlingPersson then changed the name of his store Hennes to Hennes&Mauritz
to express the expansion, and later downgraded to just the abbreviations H&M.

 Mission of H&M
The prime focus of H&M is to serve fashion and quality at the best price in sustainable way. The
believe that they should have best customer offering in each and every market and offer
collection that are wide ranging and varied for women, men, teenagers and children.For them
design, quality and sustainability are not a question of price but ability to offer inspiring fashion
with unbeatable value for money.

 Sustainability Vision
H&M’s business operations aims to run in a way that is economically, socially and
environmentally sustainable where it means that the need of both present and future generations
must be fulfilled.

 Why Name H&M

The company initially started off with the name “Hennes” meaning ‘hers’ is Sweden language in
1946, selling exclusive women’s apparel and accessories. ErlingPersson was going around the
US on a tour when a business plan struck him. He felt the need for high end designer clothing
brand for women and set his first shop in Sweden in 1947. Twenty one years after its
establishment, in 1968 Hennes took over another apparel retailer
MauritzWidforss, and that’s when the name was changed to "Hennes&Mauritz" (H&M).

 USP of H&M
H&M works on a business concept of fashion for all, where this venture serves the customer
with stylish clothes, classic look at the affordable price. Also the tie ups of H&M with big
designers have helped them to establish themselves among the best fast fashion retailers where
they provide the consumer with best designs from the popular designers at an affordable price
due to their effective logistics.
*The above data has been taken from the website of the company

 Marketing Mix Product

H&M is classified as a brand that offers homogenous shopping products. This means that their
consumers purchase their products at H&M because of its pricing and features. Many consumers
that shop at H&M get attracted to purchase several items they didn't plan to get. The reason to
that is the convenience of having all departments in one retail store, which gives H&M a large
Product mix width. Every department H&M offers various product lines to be able to attract as
wide demographically as possible. Looking at Indian stores, H&M in serving 3 categories-
Women, Men and Kids wear.
KIDS WEAR

New Born Baby Girl (4m-2y) Baby Boy (4m-2y)

Boy (8y-14y)
Girl (8y-14y)
Socks Girl (18m-10y) Boy (18m-10y)
 Women’s Wear

Maternity WearSports Wear Lingerie Formal Wear

Casual Wear

Dresses Balmain Exclusive Accessories Bags

 Upcycle Product

Men’s Wear

Formal Wear Casual Wear Classics Sportswear Upcycle Product

 Accessories

UnderWear Accessories

Shoes

Balmain Exclusive Hoodies

Price
The price strategy of H&M is designed based on their customer’sneeds which is low price and
high fashion. H&M outsources the production to countries where the labor cost is much lower.
To control transportation cost, outsourcing was arranged according to different product. Those
high fashion products which target at the European market were produced in Turkey, because of
the short product life cycle (Regner, P &Yildiz, E 2013).In addition, basic products are produced
in Asia because they allow longer transportation time and bear lower risk. The company also
conduct strict cost control plan. For example, very few executives have secretaries or have cell
phone privilege. The product range at the H&M store in Delhi has been aggressively priced with
T-shirts starting at Rs.399. Women’s clothing and accessories with prices that start at Rs.149 for
hair bands and go up to Rs.18,999 for the costliest of dresses. Denim trousers for women are
available at Rs.699 while those for men start at Rs.999. Local sourcing helped the brand sell
polo T-shirts for as low as Rs.500. (Mitra, S 2015)
Place
H&M at present has around 37,000 stores across the
globe and in India for now it has 2 stores which opened
recently in the gap of a month where first store came
into existence on October 2 2015, the second store
opened on 7th Nov. H&M has plans to open 30 stores in
India and 400 stores across the globe by early 2016.
(Mookerji, N 2015). The first store at Select City is
about 25,000 sq feet whereas the second store at
Ambience Vasant Kunj is the largest store in
the country which is spread in 28,000 sq feet.
Source: dnaindia.com
Figure:6
Furthermore the plans for expansion are in Ambience
Gurgaon, Mumbai followed by teir1 and teir2 cities. (Ranjan, D 2015)

Promotion
A multi-channel promotion strategy including advertising, internet promotion,
sales promotion is adapted by H&M. These multi-channel strategy increases the
exposure of H&M.
The promotion of the firm is an important aspect in the success ahead that it
should be designed carefully with maximum effect. H&M had great event launch
on it’s first opening where special permissions where taken to keep the mall open
for a night, the excited crowd started forming queues with the eagerness to win
limited edition tote’s bag and give away gift vouchers for the first three
customers. The firm promoted itself by creating a festival atmosphere in and Source: dnaindia.com
Figure:7
outside the mall. However one thing that remains common in all H&M is the great
launch party where Bollywood stars where seen in the next collection of H&M. In
the second store launch similar procedure was followed to delight customers in
addition to that was the DJ and on ground entertainment for the customers. (Regner,
P &Yildiz, E 2013)

Market Segmentation, Targeting & Positioning

The STP process demonstrates the links between an overall market and how a
company chooses to compete in that market.
Segment- People that follow fast fashion.
These are approaches to subdivision of a market or population into segments with
defined similar characteristics. Demographics and psychographic segmentation are
used for H&M to reach all their customers. H&M is spread throughout the world.
This means that the company targets many religions, culture and lifestyle.
Therefore, their marketing has to be done differently in different areas
Demographic Segmentation
1. Segments by class: H&M strategy is offering high fashion at low prices,
typically targeting working class, lower middle class and students.
2. Segments by class/home: The most popular segment is women aging
between 15 and 30 years, either still living at home, in student dorms, or in their
first house in urban regions
3. Segments by age: The most popular segment is women aging between 15
and 30 years commonly known as generation Y, ambitious with high buying power.
4. Segments by family life: Typical college to graduate females life at home
single, on their own in dorms or in their first home, either single or as a young
couple without children.
Psychographic Segmentation
Influences on Gen Y: Cultural, social, personal and psychological influences result in
a lifestyle and personality. This group is looking for affordable fashion and typically
shop at more than one store. They are fashionable consumers who see shopping as a
social activity providing pleasure in their daily lives. They buy clothes each season,
want to follow trends and are very up-to-date. According to Maslow’s hierarchy of
needs, they would fit perfectly in the social part: belongingness/love. This particular
segment is most vulnerable one as they are more prone towards impulsive buying.

Targeting- Gen Y, especially Women

The selection of potential customers to whom a business wishes to sell products or
services. The target customers of H&M belong to the group of fashionable and
trendy consumers who see shopping as a social activity provide pleasure in their
daily life, who wants to follow the trends without investing a lot of money. The
target market for H&M is young people. Even though H&M offers clothing and
accessories for all ages, their target market is Gen Y and particular focus on women.
Women usually shop more for them, they also buy all their children's clothing and
often their husbands or boyfriends as well. With their low prices H&M targets
woman in the lower middle class and working class, this is a concentrated targeting
strategy. Positioning
One of the aim of marketing is to position the brand in minds of consumer in a way
which makes them superior to their competitive brands. H&M is a retailer that is
looking to provide consumers with fashionable, high-quality clothing at the best
price possible. They are known for offering “fast fashion” clothing, in other words
from runway to racks in record time, and sell across the globe. Particularly if you
look at India H&M is on an introductory stage with it’s recent entry, however the
company being the second largest fast fashion retailer across the globe has formed
certain preconceptions in mind of domestic consumers which has somewhat
positioned the firm next to Zara, GAP, Forever 21. H&M claiming to be more
economical, sustainable has given a competitive edge to the firm. (Regner, P
&Yildiz, E 2013)

ANS-OFF Matrix for H&M Indian Scenario

Since H&M is new to Indian market thereby the market is
completely new to them, also the product range being
offered by them prevails in the peer brand like Forever21,
GAP, ZARA. Thus the product range is already an existing
one but the market is completely new. Thus the risk that
prevails in this situation is medium. However the firm
should aim for Market development, particularly for
India.
Figure:9
Global Scenario
H&M being the second fast fashion retailer across the world after Inditex already has
an existing market and the products already exists thereby the plan for further
growth is Market penetration. H&M should encourage it’s current customers to
buy more. It should introduce new items frequently, which keeps customers coming
back again and again to check out the latest styles. It’s upcycle product category and
the affordable prices has given a competitive edge but there is still a room of
innovative improvement to remain competitive.

Retail Mix
In marketing, the retail mix elements are
1) Location
2) Merchandise Assortment
3) Pricing
4) Communication Mix
5) Store Design and Display
6) Customer Service
Location
H&M chosed Delhi to open it’s first store in the whole India due to the population
which is ranked second in the whole world and the capital being the richest state of
India where people have higher disposable incomes. Furthermore it has come up
with 2 stores in 2 elite malls of South-ex of Delhi, and has plan to come up in
Gurgaon as well. If you look at the footfall in these malls it is pretty high as
compared to the other malls, also the size of the store till now of H&M has being
huge, around 25,000- 28,000sq feet thereby it is possible for huge malls only to
accommodate such huge sized stores thus the target malls has being big in the areas
they are spread across. Also majority of the target audience resides in South-Delhi,
however this doesn’t mean that H&M has no plan to expand in north Delhi but the
first location was decided keeping in mind the above mentioned factors.

Merchandise Assortment
The store is divided into 3 broad sections as Men, Women and kids. Where the
women department is on the ground floor which has deeper assortment as upper
wear, bottom wear, foot wear, lingerie, accessories which was further sub
categorized into varieties of upper wear where winter and summer collection both
were present another category named as up-cycle product category was present
which was made out of recycled
clothes.The floor above was
dedicated to men’s wear and kid’s
wear which included the upper wear
of both the seasons, winter and
summer and bottom wear which
included jeans, gym outfits, formals
etc. The kids section on the right side
of the entry was full of colors. The
basic idea behind such assortment is
that a consumer finds everything
under one roof and to encourage them
for impulsive buying where they end
up spending for goods which they did
not even plan to buy. Also H&M Source: dnaindia.com
Figure:10
known for it’s
fast fashion has great deal of products under basics and classics as well, through that
their target audience not just limits upto the Gen Y but also Gen X. Thus the aim of
such assortment is not to let go anyone free handed. (Mason, Assistant Manager)

Pricing
H&M known for it’s affordable fashion has kept prices low and fashion up to date
with quality as it’s priority. Little surprise then that the product range at the H&M
store in Delhi has been aggressively priced with T-shirts starting atRs.399. Most of
the 25,000 sq. ft H&M outlet at the mall is dedicated to women’s clothing and
accessories with prices that start at Rs.149 for hair bands and go up to Rs.18,999 for
the costliest of dresses. Denim trousers for women are available at Rs.699 while
those for men start at Rs.999. Local sourcing helped the brand sell polo T-shirts for
as low as Rs.500.
Store Display
Each store is unique – but should also be easily recognisable. Interiors have to
provide a functional and flexible framework that invites customers to step inside
and guide them through the different departments, while offering an exciting
shopping experience. Displays, both in windows and inside, put parts of the current
in-store selection in focus and provide styling tips and inspiration. Global display
guidelines are created in a large “test store” near the H&M Head Office in
Stockholm. Displays are changed frequently and themed around an association or a
feeling, but always keep the clothes in focus.

Customer service
H&M aims to provide customer with highest satisfaction. On personal observation
H&M has somewhat succeeded in delighting it’s customers. Each department had
sales advisors serving each customer with the required merchandise, helping them
out with the available sizes and other options available. Considering it’s return
policy then they are happy to exchange or refund any unsuitable merchandise within
30 days provided that they are in a resalable and unused condition, accompanied by
original price tags and original receipt. For reasons of hygiene, underwear,
swimsuits, pierced earrings and cosmetics cannot be exchanged. However refunds
can be easily made in store of original purchase through H&M Merchandise card
valid for 1 year. (H&M India). Also H&M offers gift cards to it’s customers which
can be loaded from Rs 500-5000/-, the card can be used to give full or partial
payment for the good purchased, even the refund balance will be transferred directly
to the card, just the customers need to know his/her card number. (Kalra, A 2015)

Organizational Structure
H&M has a matrix organization in which the Managing Director appoints the
members of the executive management team and country managers. H&M’s matrix
organisation means that the members of the executive management team are
responsible for their department’s support, training and best practice, and for each
country working efficiently in accordance with the policies and guidelines issued by
the Head Office. Country managers have overall responsibility for sales,
profitability and all departments in their country.

Organizational Structure
Back-End
Country Manager- JanneEinola
 Figure:11

*The above information was provided by Visual Merchandiser- Kumud

Front-End
Area Manager

Store Manager

Assistant Store
Manager

Department Manager

Sales Advisor

Figure:12

*The above information was provided by

Assistant Manager-Mason of Select City Store.
Human Resource Management (HRM)
HRM is the term used to describe formal systems devised for the management of
people within an organization.

Human Resources in H&M

The corporate objective of H&M is to expand worldwide and hence
with the continuous increase in the employee strength. The staff H&M
is spread approximately across 37 countries which come from different cultural
background. Their strategy is to recruit local people whenever they open they open
the new store. The main policies of H&M can be categorized as:  Overall
policies and values
The website of the H&M indicates that the company’s main objective is
to be a good employer. At H&M, the HR activities are guided in such a way that
every individual have equal fundamental rights. This means that everyone will
have fair wages and working hours. They all have full freedom of association
and development within the company.
 An Inclusive Workplace
They consider their internal customers as they reason of success and are
committed to maintaining an inclusive workplace. It’s one where human rights
are recognised, and where everyone treats each other with integrity, respect,
humbleness and dignity
 H&M works in teams and lead by example
As per there website, teamwork is essential at H&M and is part of their culture.
They are always driven by their values and lead by example. They believe
leaders should always be role models and set a good example in everything they
do
 You Grow We Grow
H&M has being providing a fun, creative and dynamic workplace so everybody
working within the firm they all grow together. Great opportunities are provided
through internal recruitment and work rotation. Everyone is a talent and makes a
difference at H&M.
 Use of open Door Policy
Their Open Door Policy grants all colleagues the opportunity to openly discuss
any workrelated issue directly with their managers.
 They Strive for Sustainability in everything they do
Sustainability makes business sense and is an integral part of everything they do.
It’s a shared responsibility of everyone working at H&M, where everyone’s
efforts make a difference.
 H&M Incentive Program-HIP for all working at H&M
H&M know that their employees are the key to our success. To show them
appreciation, H&M has created HIP – the H&M Incentive Program – which
since 2011 After their employees have spent five years with H&M, they begin to
share the profit increase made by the H&M
Group. The longer they are an employee, the more they will receive. It’s that
simple, and is
the same for everyone in the H&M Group, in all countries, regardless of
position, salary, or contract of employment. The employees will receive payouts
from HIP when they turn 62. However, from the year 2021 our employees can
choose to receive their first payout as soon as they have been with the H&M
Group for ten years.
*The above data has been taken from the company’s website
Words of Internal Employees
The prime goal of H&M is to expand around the globe has given rises to many
programs to motivate and develop the internal customers. The firm is a flat
organization however it might look difficult to move up in such system however the
opposite is true in the case of H&M as per their career website and personal
interaction with the employees. Mason, assistant manager at H&M store saket who
has being working with H&M since pretty long strongly believe that the best part
of working with the firm is the progression, also the experience that H&M gives in
terms of working with different nationalities and culture and travelling to different
countries is another motivational factor for the employess. The live example of
progression within the firm is the present CEO- JanneEinola who is the country
manager for India and have being working with H&M since 1998 and started the
job as Department Manager of a store.
Also another employee (VM) felt that the firm delivers what it says specially in
terms of sustainability. The firm gives you space to working according to your
knowledge and ethics which motivates to do more.

Recruitment and Selection Process

H&M group has around 132,000 employees. The corporate culture of H&M has
been one of the major factor in enabling them one of the world’s largest fashion
company and at the same time enjoying the high profitability. According to the head
of HR department of H&M all the university credits and great grades in the world
does not give any guarantee of getting a job or a fast-track career. The company
looks for people with right personality, more than anything else. H&M belief that
skills can be gathered as you go, but personality and right attitude cannot be taught
to a person. Since the tempo of the company is always high and is a fast growing
company, therefore employees who are self driven and who have the capability of
direct communication are the main requirement of the company. Hence people who
likes decision making and responsibility are recruited by the company. These are
the basic requirement for H&M to recruit the employees and drive its basis for
selection process. There website indicates that selection is based on personal
interview which contains ‘structured situational based’, which include latest fashion
trends and customer service. The selection is followed by panel of interviews and
sample test. Candidates are filtered at each stage of selection process. (Bansal, A
2011)
Social Compliance
Social compliance refers to the way a company looks after the health and safety of
its employees and its accountability for safe practices. At H&M they want to
maintain pleasant and sustainable working environments throughout our operations.
This includes ensuring that a person as an employee have a safe workplace. H&M
takes preventative measures to ensure the long-term safety and good health of our
employees. They encourage their employees to report accidents or unsafe working
conditions to their manager.

Role of HRM in H&M’s success

H&M is an effective multinational organization. The principle accomplishment of
H&M essentially lies in the plan of action of the organization. All the outlining
system is being done inside and halfway. The entire assembling is being outsourcing
with no bargain on the nature of the item. The organization is fruitful in dealing with
all the center qualities in admiration of nation and social contrasts. The elements
of HR strategy, like in housetraining, improving performance through local
recruitment, job rotation, increasing commitment and total rewards have been in HR
procedures and strategies and are practiced by the company. The HIP program that
has been launched in 2011 is an initiative to motivate the employees to deliver their
best and stay loyal to the firm. Thereby the policies are such that incorporates every
employee to be a part of the combined benefit. Rising above monetary terms, the in-
house initiatives to make the employee feel free to communicate with the above
head is another important aspect of it’s policy. Thus the HR strategies of the
company are one of the reasons for the success of the business.

Lead Time taken by H&M

The following graph shows a comparison between the Lead time taken by the fast
fashion products of H&M (12 Weeks) and the Classic products of H&M.
 Source: Caro and Mart´ınez-de-Alb´eniz (2013)
Figure:13
SUPPLY CHAIN MANAGEMENT

Sustainability starts at the drawing

board. To create fashion
without
Design
compromising design, price &quality.
Knowing how the choices of material Working conditions and intense water will impact the environment
and people right from the start.
& chemical use are concerns
associated with processing
raw materials (e.g
Raw Materials
cotton). Through active involvement with Better Cotton Initiative (BCI), Textile Exchange and UNICEF further

improvement will take place From making yarn to final fabrics,

Fabric Production there are concerns regarding water,

chemicals and working conditions as
well as greenhouse gas emissions.
Together with suppliers
garment production has
made great improvement
in developing high
 Garment Production
social and environmental It was estimated that more than half standards. Also training of their
of the carbon emission at H&M are
suppliers and their workers, due to transportation from factories to promote industrial relations and stores..
Ferry and train are relatively
social dialogue.

Transport clean modes in transportation. At present, shipping

via sea or rail is the
main mode of H&M’s transportation
from supplier to distribution centers.
When the product reaches the store If road transport has to be used, thereby H&M has adopted Green H&M
provides a training course to

Retailing, they launched the clothing Sales the truck drivers and does not use the conscious

collection initiative trucks which have been used for more worldwide in 2013 and

promotes than 10 years. sustainable concept in ethical consumers in retailing . Consumers can
return the old apparel products

(any brand and any condition) to all Uses

H&M stores across 54
countries. In return,
consumers can get a
15% off coupon for
their next purchase

Figure:14

*The above data has been taken from Sustainability Report-2014 of H&M

Initiatives towards Sustainability by H&M

Sustainability in H&M’s Words

Source: Sustainability Reports-2014

Figure:15

Source: Sustainability Reports-2014 Source: Sustainability Reports-2014

Figure:16 Figure:17

-2014
 Source: Sustainability Reports-2014 Source: Sustainability Reports
Figure:1
8
Figure:19

*The above information is taken from Sustainability Report of H&M-2014

Taking into consideration that H&M has recently entered in India therefore it came
up with the initiative of Collecting clothes which are not in use by the consumers
that further H&M can recycle, offering discount in exchange. However where CEO
feels that this initiative will take time to work in Indian market since the clothes are
recycled and reused at the domestic level to great extend on the other hand the on
store managers feel that lack of awareness is the cause of such situation, since this
concept is new in the country thus the consumers felt that the bucket which was
crucially kept for accommodating clothes consumers want to dispose for recycling
miscommunicated that bucket is kept for keeping the clothes which were tried and
not purchased.

Also keeping sustainability as their preference H&M internally doesnot waste even
the tags and labels on the clothes and they are also reused for saving the ink and
material used in making those labels. This is a very good initiative towards waste
management as well.

*The above information is gathered by interviewing Visual Merchandiser.

Growth of H&M 1991-2013

1) Sales & EBIT of H&M AB
 Source: businessinsider.in
Figure:20

The company has shown great improvement in sales starting from 1991-2013
where in 2011 they saw a dip in sales as compared to previous year but was
recovered in 2012.
Earning before Interest and Taxes (EBIT) has been highest in 2010 and have seen
a dip from 2011 onwards however improvement is there but till 2013 the EBIT
was low as compared to what achieved in 2010.
2) Number of Stores

Source: businessinsider.in
Figure:21

The graph depicts the number of stores increment in H&M AB the parent brand
of 6 other stores namely H&M, COS, Monki, Weekday, Cheap Monday, &Other
Stores.
 Financials Analysis For H&M
Profitability Ratios

Gross profit percentage = (Gross profits/ Net Revenue)*100

2012 = (711871/120799)*100

= 59.4% Gross Profit Percentage

59.60%
2013 = (76025/128562)*100 59.40%
59.20%
= 59.1% 59.00%
58.80%
58.60%
2014 = (89052/151419)*100 58.40%
2012 2013 2014
= 58.8% H&M 59.40% 59.10% 58.80%

Interpretation: Gross Profit Margins helps to know the Direct efficiency of the firm. H&M’s GPP has

decreased from 59.40% in 2012 to 58.80% in 2014 however on whole the firm is performing well and
in in good financial health
Figure:22

Net profit percentage = (Net profit/ Net Sales)*100

 2012 = (16867/ 120799)*100

= 13.96% Net Profit Percentage

14.50%
2013 = (17093/128562)*100
14.00%
13.50%
= 13.29%
13.00%
2014 = (19976/151419)*100 12.50%
2012 2013 2014
H&M 13.96% 13.29% 13.19%
= 13.19%

Figure:23

Interpretation:
Net Profit Margin are helpful in knowing the overall efficiency of the firm. The
decreasing NPP isn’t a good signature as it indicates that the net profits are increasing but net sales
are increasing at a higher rate thereby signify
low NPP. The firm anyhow is giving an Average
performance
 H&M- Fashion for All
MAFMG
Semester 0

Return on Assets = (Net Profits/ Total Assets)*100

Interpretation: Return on Equity indicates the effective utilization of money. It measures a corporation's
profitability by revealing how much profit a company generates with the money shareholders have invested,
Thus the ROE has been highest in 2014 however a dip can be seen in 2013 but on whole the company’s. Loo

30
 H&M- Fashion for All
MAFMG
Semester 0

king at the ROE thereby we can say that efficient management is in utilizing its equity base and the better

return is to investors.

Ashima khurana
Return on Investment (in %age)

ROI= (Net Profit+ Interest Expenses)/(Debt+ Equity)*100

Debt = 0

2012 = [{16867+(-5)}/0+43835]*100
Return on Investment (in
=38.46%
percentage)
2013 = [{17093 + (-9)}/0+45248] 39.00%
38.00%
=37.75%
37.00%
2012 2013 2014
2014 = [{19976 + (-16)}/0 + 51556]*100 H&M 38.46% 37.75% 38.71%

=38.71% Figure:26

Interpretation:Return on Investment (ROI) is the amount that is returned on the investment made in a
company. H&M had highest ROI in 2014 during the period of 2012-2014, however a decline in ROI
was seen in 2013 but was soon covered in the next year.

Liquidity Analysis

Current Ratio = Current Asset/Current Liability

2012 = 37232/14010

= 2:6 Current Ratios

3

31
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

2013 = 39188/17397

2 = 2:2

20141 = 42741/20303
0
= 2:1
Figure:27
2012 2013 2014
H&M 2.6 2.2 2.1
Interpretation: Current Ratio indicates if the firm
has sufficient assets to meet the current liabilities within the span of 1 year or less. Where 2:1is the

ideal situation which was achieved in 2014 before that current liabilities had always being more
starting from 2012 then decreasing in 2013 and
reaching the ideal scenario in 2014.

Quick Ratio = Quick Assets/ Current Liabilities

2012 = 22019/14010

= 1:5 Interpretation: Quick Ratio indicate how well a company can meet it’s
short-term financial liabilities. Where 1:1 is the ideal situation which
2013 = 22493/17397 the firm reached in 2014 however when the firm exceeds 1:5 as a ratio
this indicates that the assets are more thereby liquidity is more thus no
= 1:2 investment has happened. Thus the firm was close to this scenario in
2014
2014 = 23338/20303

= 1:1

Growth Formula

Growth Ratios = Difference/Previous Year

Sales Growth 2012-2013

Sales Growth 2012 = 120799 Growth Ratio

Sales Growth 2013 = 128,562 0.2

0.15
Difference = 7763
0.1
Growth Ratios = 7763/120799
0.05
= 0.06
0
2012-2013 2013-2014
H&M 0.06 0.17
32
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Sales Growth 2013-2014 Sales Growth 2013 = 128,562

Figure:28

Sales Growth 2014 = 151419

Interpretation: The growth Ratio indicates the overall
Difference = 22857 growth of the firm in comparison with the previous
years. However overall growth of H&M’s has been
Growth Ratios= 22857/128562 average but the rate of increase from 2012-2013 to
2013-2014 has being markable.
= 0.17

Net Profit Growth 2012-2013

Net Profit Growth 2012- 16867

Net Profit Growth 2013- 17093

Difference= 226/16867
= 0.01

Net Profit Growth 2013-2014

Interpretation: The Net profit growth of the firm has
Net Profit Growth 2013 = 17093
being average but the rate of increase from 1% in
Net Profit Growth 2014 = 19976 201213 to 16% in 2013-14 has being remarkable

Difference = 2883/17093

= 0.16

Total Asset growth

Total Asset Growth Ratio

0.2
0.15
0.1
0.05
0

2012-2013 2013-2014
H&M 0.09 0.15 Total Assets 2012 = 60173

Total Assets 2013 = 65676

Difference = 5503
33
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Total Asset growth 2012-2013 = 5503/60173

= 0.09

Total Asset 2013 = 65676

Figure:29

Total Asset 2014 = 75597

Difference = 9921/65676 = 0.15 Interpretation: The Growth in terms of Assets has being
average of the firm increasing from 9% to 15%

Equity Growth
Equity 2012 = 43835

Equity 2013 = 45248

Difference = 1413

Equity Growth Ratio = 1413/43835 = 0.03

Equity 2013 = 45248 Interpretation: The equity growth of the firm has being
average however the rate of increase from 3% to 13%
Equity 2014 = 51556 has being markable.

Difference = 6308/45248

Equity Growth Ratio = 0.13

PEST Analysis Political
H&M do not own any factories but work with suppliers, primarily in Asia and Europe.
Accordingly, H&M uses its immense buying power to influence its suppliers in the ethical and
fair treatment of its employees. They have adopted the UN Guiding Principles on Business and
Human Rights as well as working together with Civil Rights Defenders to support Human rights
and equality.
Talking about FDI, H&M instead of going for a joint venture falls under single brand retail
trading (SBRT) where according to the law on single-brand retail, up to 100% FDI is allowed,
but only 49% can come through the automatic route. For FDI above that, a company needs to
take approval, and is bound to source locally—to the extent of 30% of the value of goods
purchased—preferably from micro, small and medium enterprises, village and cottage industries,
artisans and craftsmen.The government on recently also allowed foreign single-brand entities to
sell products through online channels provided they have permission to sell through brick-
andmortar stores. (Chitravanshi, R 2015)

34
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Economical
Indian Fashion Retail is poised for high growth with multiple short and long term catalysts -
revival in economic growth leading to increase in disposable income, favorable demographics,
GST implementation and changing fashion consumption trends.
Wazir Advisors, a renowned sector consultant expect fashion retail to grow at a CAGR of 12.2%
over next 10 years. There exists a strong trend correlation between GDP growth and SSG. With
revival in Indian economy, fashion retail is expected to have growth driven by higher Samestore-
growth (SSG) i.e. it will be more consumption driven rather than store network expansion driven,
leading to higher profitability and return on capital

Social
As all manufacturing is outsourced, often from the developing countries in the world, working
conditions and pay are always going to be a social factor. H&M has launched the fair living wage
Map, working with suppliers to promote living wages for all employees as well as regular wage
revisions and increases. Workplace safety as well as basic living conditions are key areas of
concern. With education and basic human rights being highlighted by H&M, the company
strengthens local communities. To this end, H&M“chooses and rewards responsible partners”.
H&M recognises the importance of its staff, which is reflected in its core values:
 We believe in people
 We are one team
 Straightforward and open minded
 Keep it simple
 Entrepreneurial spirit
 Constant improvement
 Cost-consciousness*
Technological
H&M has embraced and harnessed new technology with regards to it’s advertising and branding.
They are now using a multiple platform arena to approach and promote their fast-fashion,
thereby appealing to the younger generation. In order to create a more efficient customer
experience, pilot stores in New York have installed payment centers in changing room to avoid
long. Theyhave started working with textile innovators Worn Again on testing ground-breaking
fibre-recycling technology that aims to meet the growing demand for cotton and polyester
production worldwide. The "textile-to-textile, chemical-recycling technology", as it is called,
separates and extracts the materials from old clothing, which is then re-spun into new yarns.In
an effort to reduce their impact on the environment H&M has introduced new technologies invits
production lines e.g: 21% of shoes now use water soluble glues. Alsorecycled polyester which is
often made of PET bottles they used the equivalent of almost 40 million bottles.*

*The above data has been taken from company’s website

35
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Consumer Analysis
To analyse consumer buying behavior for H&M a closed ended & non-disguised questionnaire
was prepared with structured set of questions. The data was collected from a sample size of 99.
The Age category of respondents are as follows:

28-32
years Age of the Respondent
5%
23-27 years
37%
18-22 years
58%

Figure:30
The occupation was divided into 3 sectors as – Homemakers, Working and Student. The majority
of the respondents constitute students as 74%.

Homemaker
4
%
0ccupation
Working
22%

Student
74%
Figure: 31
Delhi was divided into 4 major chunks as North, South, East& West and thus further it helped to
gain knowledge in terms of demand of fast fashion location wise.

Location
North Delhi
30%
South Delhi
41%

East Delhi
West Delhi 9%
20%
Figure: 32

36
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

According to the data collected from the questionnaire following are the results in terms of
preference of consumer for a particular brand. The following has been done to figure out the
main competitor of H&M in minds of consumer.

ZARA
Most Preferred Average Preferred
Less Preferred Least Preferred
16%
9%

H&M 61%
14%
Most Preferred Average Preferred
Less Preferred Least Preferred
Figure:33

21% 12%

36%
31%

Figure:34

37
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

GAP
Most Preferred Average Preferred
Less Preferred Least Preferred
6%
25% 27%

42%
Forever 21
Most Preferred Average Preferred
Less Preferred Least Preferred
Figure:35

27% 22%

23% 28%

Figure:36

100%
90%
80%
70%
GAP
60%
50% Forever21
40% H&M
30% ZARA
20%
10%
0%
Most Average Less Least
Preferred Preferred Preferred Preferred
Figure:37

From the above graph it is very clear that the most preferred brand in field of Fast fashion is
ZARA. Also the On-Store employees of H&M and ZARA both feel that they are peer brands.

38
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

N Mean

39
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Working 21 1.48
H&M preferred because of Student 67 1.49
Quality HomeMaker 4 1.00
Total 92 1.47
Working 21 1.05

ZARA preferred because of Student 67 1.04

HomeMaker 4 1.00
Quality
Total 92 1.04

Working 21 1.76
H&M preferred because of Student 67 1.75
Style HomeMaker 4 1.75

Total 92 1.75

Working 21 1.76
Student 67 1.60
ZARA preferred because of HomeMaker 4 1.50
Style Total 92 1.63
Working 21 1.62
Student 67 1.49
H&M preferred because of HomeMaker 4 1.25
Price points Total 92 1.51
Working 21 1.95
ZARA preferred because of Student 67 2.03
Price points HomeMaker 4 2.00

Total 92 2.01
Working 21 1.38
Student 67 1.30
ZARA preferred because of
HomeMaker 4 1.75
Sustainability
Total 92 1.34
Working 21 2.00
Student 67 1.84
H&M preferred because of
HomeMaker 4 1.75
Sustainability
Total 92 1.87
Working 21 1.38
Student
H&M preferred because of 67 1.40

Ambience of store
HomeMaker 4 1.50

40
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Figure: 38

The following graph represents the Mean of consumer analysis for H&M and ZARA in terms of
Quality, Style, Price Point, Sustainability, Ambience of the store, Location. Since according to
the questionnaire if the consumer strongly agreed on the above mentioned parameter graded the
brand 1. Thus Less the mean more is the agreement of the consumer for a brand on the
parameters mentioned. Thereby less the area covered in the graph more is the agreement.

Mean
H&M ZARA

1.63 2 1.34 1.29

1.04 1.65

1.47 1.75 1.51 1.87 1.4 1.76

Figure: 39

41
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Thus from the above given data it is clear that Consumer’s prefer more of ZARA , thus further
taking it as the main competitor for H&M an analysis was conducted to figure out the reason of
preference for ZARA. According to sample size consumers prefer ZARA because of Quality,
Style, Sustainability & Location of the store whereas H&M has also shared the same level of
agreement but in comparison to ZARA the agreement of consumer is more towards ZARA But
for parameters - Price Point and Ambience of the store, H&M has received maximum agreement
of the respondents over ZARA.

Words of the Consumer

On an interview it was found out that the particular respondent assumed that H&M was serving
best quality due to it being globally recognized, which made it obvious for respondent that the
brand is providing good quality but has tried 3 garments and found the quality adequate however
when asked the same question for ZARA the respondent had a sure answer for it being a brand
serving best quality not just because of it global recognition but because of her personal
experience in terms of quality, style and the products long last thus further describing it as
sustainable. On the other hand the respondent felt that ZARA is highly priced as compared to
H&M and that is another reason she believed that the former brand is serving better quality than
the latter.
Interpretation
On an interview conducted with a consumer and analysis of the responses received of these
brands it was informed that H&M though has been able to place itself in minds of consumer due
to it being highly reputed brand abroad haven’t faced much problem in creating a brand
awareness as majority of fast fashion buyers were aware of this brand but somehow on
comparison with ZARA it has recently established itself in the country whereas Zara has been
part of consumer’s shopping bags since past 5 years thus a level of trust in terms of quality has
being created since it’s tried and tested brand and it’s long lasting ability has made it sustainable
in terms of usage of the consumer. On the other hand H&M is on introductory stage therefore it
is assumed that the brand serve good quality due to it’s high reputation abroad and the word of
mouth by Indian consumers who have shopped H&M globally however for majority of the
shoppers a trust factor is yet to be established for H&M.
Also referring to consumer’s psychology ZARA is priced highly makes the consumer believe that
the brand is serving good quality.

Talking about the Location then since ZARA is spread all across the city has provided
convenience to the consumers whereby H&M is present at the moment at only 2 malls. It plans to
come up with 30 more stores across the country by early 2016 though at present it’s presence is
in recognized malls. Therefore the further section suggests the locations according to the
responses received and the fast fashion followers

42
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Respondents following the concept of fast fashion * Location of Respondent Crosstabulation

Count
Total
Location of Respondent

North Delhi East Delhi West Delhi South Delhi

Respondents following the Yes 20 6 17 26 69
concept of fast fashion No
10 3 3 14 30
Total 30 9 20 40 99

Respondents following Fast fashion

according to location

38% 29% North Delhi

East Delhi
9%
West Delhi
24%
South Delhi

Figure: 40

Interpretation: In the graph above it is clear that among the respondents majority of people
following fast fashion are from South Delhi, however the presence of the brand in the malls of
south make it convenient of consumers to travel.
Looking at the second highest majority then North Delhi people follow the concept of fast
fashion followed by people of West Delhi and least number of people follow the concept in East.
However the store has made it presence in South for now.
According to the CEO of H&M quality retail space is a problem in the country thereby taking
into consideration the retail standards of the firm and unavailability of quality retail space in
North specifically a store opening in the west will serve an additional benefit to the firm as
presence of it’s peer competitors in west will give the firm a competitive edge and also the
convenience to the followers of the fast fashion.
If we look at the geographic scenario
North-South =32.8 Kms
North-West = 22.3 Kms
North- East = 21.4 Kms
Also for people of East the nearest mall would be Noida where the store has declared it’s
opening in GIP which is 10 Kms away. Thereby looking at the following four factors:
43
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

1) Presence of fast fashion across the city

2) Presence of it’s competitors in West
3) Footfall in the malls of the west
4) Geographic scenario
The firm should consider West as an option to open it’s store which for now the firm has no
plans*

*Information received via Visual Merchandiser

Respondents following the concept of fast fashion * Age of Respondent

Crosstabulation
Count

Total
Age of Respondent

18-22 23-27 28-32

Respondents following the Yes 51 16 2 69

concept of fast fashion No 6 21 3 30

Total 57 37 5 99

Respondents Following the concept of

fast fashion
Yes No

21 1.8

51

16 2

18-22years 23-27years 28-32years

Figure:41
In the above data it is clear that the age group of 18-22 is the majority age group following the
concept of fast fashion. Thereby taking this age group further we looked at the reasons of
following fast fashion further ranking as 1 being the most preferred reason and 4 being the least
preferred reason.
44
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Preference for fast fashion because of price

wrt Age
Most Preferred Average Preferred Less Preferred Least Preferred

0
3
3 1
36
5 0

5 1
3 5
6

18-22Years 23-27years 28-32years

Figure: 42

Preference for Fast fashion because of Price Points * Age of Respondent Crosstabulation Count

Total
Age of Respondent

18-22 23-27 28-32

Most Preferred 6 5 1
12
Preference for Fast fashion Average Preferred 3 5 0
8
because of Price Points Less Preferred 5 3 1 9
Least Preferred 36 3 0 39
Total 50 16 2 68

In the above data majority of respondents of age group of 18-22 has given Least preference to
price thereby depicting that price is not the reason for them following fast fashion. However the
further table depicts the price sensitivity of the consumer for H&M.

45
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

60

50

40
No
30 Yes

20

10

0
18-22 23-27 28-32

Figure: 43

If H&M increases the price, Respondent's willingness to buy * Age of Respondent

Crosstabulation
Count
Total
Age of Respondent

18-22 23-27 28-32

If H&M increases the price, Yes 6 8 0 14
Respondent's willingness to
No 47 26 5 78
buy
Total 53 34 5 92

Thus the above data depicts that if the price of H&M increases majority of the consumer of the
age group 18-22 won’t be willing to buy the products thereby depicting the price sensitivity of
consumer towards H&M. Thus the demand of H&M products is elastic.

Interpretation:
The demand of H&M is elastic in nature that is the consumers are price sensitive which indicates
that if the firm increases the price of it’s product the consumers will shift to availability of
substitute products for the same.
However from the above graphs it is clear that among the respondents majority of consumers of
age group 18-22 follow the concept of fast fashion.
Furthermore most of them giving least preference to price indicates that price points of the fast
fashion products hold least value to the consumer

46
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

However if you look at the 3rd graph majority of the consumers of age group 18-22 are price
sensitive when it comes to only H&M
The reason of such behavior is that H&M has established itself all across the globe as affordable
fashion, thereby hype in prices will lead to violation of the words with which it has presented
itself in front of the world. Also H&M is new to Indian market and is on the stage of establishing
itself thereby if it increases the prices then consumers may shift to peer brands present in the
market selling almost same merchandise and have established themselves in terms of reputation,
trust, awareness.
Also on an interview with the consumer about the pricing of H&M abroad and pricing in India it
was informed that the good are bit costlier here as compared to abroad, she gave an example of a
Jegging which costed her 10£ in London which is about ₹1003/- whereas that same jegging she
found here to be of 1600₹ and merchandise is almost the same she added.

Competitor Analysis
Strategic technique used to evaluate outside competitors. The analysis seeks to identify
weaknesses and strengths that a company's competitors may have, and then use that information
to improve efforts within the company. (Bhagat M, 2014) An effective analysis will first obtain
important information from competitors and then based on this information predict how the
competitor will react under certain circumstances and thereafter plan it’s next action. It is a
healthy way for the firm to predict it’s own market position and also what steps should be
adopted to improve the same. H&M’s recent entry in India has made it’s competitors to gear up
for the domestic market. However the following graph depicts the major competitor globally for
H&M is Inditex, more specifically Zara In terms of revenue till 2012. The further graph
compares the two competitors till 2015 in terms of revenue

Source: Caro, F 2014

Figure:44

47
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Growth of 3 brands
Net Revenue In Billion $

25
20
15 H&M
10 ZARA

5 GAP

0
2013 2014

Source:Annual Reports
Figure:45

Also with the personal interview conducted with the Assistant Manager of H&M revealed that
they consider Zara as their major competitor specially in India since the former has an
established market since past 5 years and has been the only company to cross 100 million dollar
in such short span of time since it’s inception in domestic market however the later has just
entered.

On an interview conducted with CEO-Karl John Perrson by Chaitali Chakravarty &RasulBailay

in Economic Times about Zara being an established brand in India and questioning about to late
entry in India market to which he replied “There are so many examples of countries where we
entered late - if you call them late. But we have done well irrespective of when we have entered.”
He also learned from Zara’s success, that India is an interesting market with super promising
future and he believes that his firm will do well in the country.

To know more about the scenario field study was conducted in which the assistant managers of
Zara and H&M were interviewed and following were the outcomes:

Store visit to H&M, Saket Interview of the Assistant Manager- Mason

The location visited for H&M was Select City walk Saket on 9 Th November 2015. The assistant
manager of the store Mr. Mason was interviewed. He has being recruited from UK to India for 3
months and has being working here since the first day of opening. He looked really excited to
work here as the response till now received from the Indian consumer has being delighting as it
was much more than that was expected. He asked us to visit us on weekends and there is no place
for even them to stand. The store spread across 25,000sq feet area still finds it tough to
accommodate the number of consumers especially on weekends. On being asked about potential
here of their upcycle product category which is completely a new concept for Indian consumer,
to which he replied with utter confidence that they are sure that this new concept brought by
them will surely be a success here as well. This initiative was started in UK and the response was
marvelous there and have expectation of that response from here as well. Also Mason while

48
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

answering to target Delhi out of all metropolitan cities as the first store for H&M said that the
aim of the company is to spread all across India but then to start from the capital, since the
population of the city is huge and also people have higher disposable income here thus the first
experiment was planned to be conducted in the capital and then to proceed further and spread all
across country. Furthermore asking about their competition in India he said that not just Zara but
GAP, Forever 21 are also their competitors but their affordability gives them a competitive edge.
Also the firm had Diwali special discounts and has plans to come up with special discount offers
and gift cards for Christmas. Since Mason has being associated with H&M for pretty long and is
the internal customers of the firm therefore the interview concluded with the last question asking
for the best thing about working with H&M to which he replied that ‘Progression is the best, for
example I have worked in US then in Finland then UK and now I am here for next three months,
you get to travel lot of countries, interact with lot of different cultures and the internal
progression is something that keeps you motivated and keep going’.

Further to know about what competitors feel about H&M coming to India and if there has being
any decrease in the footfall or sales, we went to Zara in the same mall and interviewed their
Assistant Manager- Pradeep

Store Visit to Zara, Saket Interview with the Assistant Manager- Pradeep

In order to understand the effect of H&M on it’s competitors we interviewed Assistant Manager
of Zara, Select City Walk, Saket. The interview started with talking about H&M coming to India
to which he responded that yes it has finally come here too. Furthermore talking about how the
footfall has decreased since H&M has come he said that ‘yes the footfall has decreased, earlier
weekends use to be full, even today they are full but the number of people have decreased’.
According to him what customers they have in their stores now are the loyal customers who has
being associated with Zara since pretty long and our aware about their quality in exchange of
price they pay and the trend they follow. Thus when asked about any plans to change the policies
or any change that has already come to specifically after H&M, to which he confidently said that
they haven’t received any orders for changing anything till now and have no expectation of any
change in the near future, since he feels that they have being doing great till now and will be
doing great in the near future as well. Also the focus is now majorily on the customers
satisfaction. All of them aim for delighting customers, earlier it was difficult to attend customers
but now they can serve them with the best facilities and attend them individually. This is also the
short term goal of the firm.

Critical Analysis & Personal Observation

On visit to both the stores at the same location, in the same day reveals lot of thing about the
stores and when the comparison is drawn then definitely yes H&M has given a tough
competition to Zara. A visit on Monday which is considered to be usually a hectic, monotonous
first day of the new week, was a planned day to know the footfall of both the stores, thereby the
footfall was more in H&M and majority of the people who went out of the store had H&M

49
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

packed bag in hand which says that majority of people who came in H&M came out of store
buying at least something whereas the scenario was different in Zara where the footfall was
countable on fingers and majority of people went out without buying anything. However 2 hour
of observation on each store is not a right evidence to know the footfall, thereby an informal
interview conducted with the Assistant store manager was helpful to gain some idea about the
changing situations. However Zara has created a trust factor among the consumers which H&M
has started building thereby H&M holds a power there since it has already a well settled brand
image. If you look at the sales person, H&M store staff has mix and match of different cultures,
where majority of them were from India but few were from US, UK and Africa. There was no
particular dress code being followed by them rather each department followed a different dress
code where one department was dressed up in complete black outfit, the other department had
red T-shirt in common. Over all this difference created a Unique and a youthful environment
within the store. Since that target audience is youth thus the servers for the same is people of
early Gen Y. On the other hand the visit to Zara store, the sales person followed the same dress
code throughout that is black formals, all of them are from India. Overall the store is more of
what the stores usually are in India. The sales persons are from Gen Y. However the ambience
has more of black and white contrasts whereas H&M has a colorful ambience.

Focus Group Discussion Topic of Discussion- H&M v/s ZARA

The group included 5 people with 3 males and 2 females. Where 3 people supported ZARA over
h&m since they felt that it’s too early to judge if h&m would beat zara as the trust of quality is
still missing, one of them believed that h&m is selling clothes here which aren’t giving good
response abroad. On focusing on the price points the supporters of Zara felt that though the
prices are high but the brand has made itself capable to blindly trust them and buy on those price
points which h&m has started doing. However the other 2 supporting H&M felt that though the
firm has just entered India but it has got great response on the first day itself also considering the
fact that H&M claims to sell merchandise at affordable prices. One of them believed that ZARA
has being ruling India in terms of number of customers they had but now Indians have got
something new to look ahead, “if you compare at just zara and h&m, then H&M is something
new to look ahead’’ he added. The supporter of Zara on the other hand felt not much difference in
terms of price for both the firms. H&M was low but was near to ZARA. However on asking that
if the price points increase for both the firms then would the buying behavior remain the same for
to which 5 of them disagreed and said that if this case happens in near future then they will prefer
ZARA over H&M which means that the candidates were price sensitive for H&M.
Further the discussion went onto the first day of H&M launch where 2 people among the group
were part of the launch, shared opposite opinions. One of the candidate won limited edition of
tote galore bag felt that the bag was a disappointment and was overhyped. However “there were
people who were happy with the bag” she added.

50
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Consumer’s View point for the Visuals & Merchandise Assortment of ZARA, H&M & Forever 21
Focusing on the Visual Merchandise and Assortment of the brands (ZARA, H&M, Forever 21)
an interview was conducted to know the experiences of the consumer while visiting the store.
Thus they shared their view point where the respondent felt that ZARA usually deals with dark
tones mostly black and white, initially it was exciting and looked classy but now it’s
monotonous. On the other hand she felt that H&M and Forever21 where full of colors, “but in
Forever 21 there is something that blocks the view” she added. Also she felt that during the initial
days of H&M it was difficult to figure out what is kept where since the sales advisors were not
aware of the same and since then she visited H&M just twice whereas the scenario is different in
ZARA since she felt that she is the regular customer of the brand thus she knows what is kept
where and does not have to struggle around looking for Merchandise

Interview with the Employee previously working with ZARA and has joined H&M recently.
The ex-employee of ZARA started with a comment as “if you can work at ZARA you can work
anywhere”, the reason he described later on was the non-flexibility of the firm for their internal
customers for which he felt opposite is true for H&M since it’s flexible. Talking further more
about the training then he informed that in ZARA the employees are trained not to talk to
customers while they are shopping and only help with the merchandise when it is asked for. The
reason he mentioned for this action is that the firm globally believes that asking the consumer as
to what they need is disturbing them and restricting them as to what to buy. Thus the presence of
staff in the store near the consumer is necessary but helping them is only required when they ask
for it. The opposite is true for H&M he feels where the employees are asked to help the
consumers at each point however the approach is such that it does not look any kind of
interference in shopping of the consumer but mere help, which on personal observation it was
true.

Difference in Economic environment when ZARA entered (2010) and when H&M entered (2015)
The country was surprised to see H&M’s sales on the first day of store opening. The newspapers
where flooded with H&M and ZARA comparison in terms of sales on the day of launch, where
H&M earned 1.75 crore which was almost double of what ZARA earned on it’s opening day
(Economic Times). However few hidden factors were left uncovered when this information
spread like a grapevine.
The following section brings into focus the difference in economic environment of the country
with respect to ZARA’s opening in 2010 and H&M’s opening in 2015

1) Change in GDP
GDP is an important indicator to the country’s economical health if the GDP is growing it
means that the country is progressing whereas if GDP is decreasing the country is
heading towards poor economical health. Also rate of growth of GDP is an important

51
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

indicator which signifies that a firm can hire more workers and can afford to pay higher
salaries and wages, which leads to more spending by consumers on goods and services.

GDP
Growth
Rate

ZARA opening H&M’s opening

Source:Knoema.com
Figure:46
2) Increase in Disposable Income
With the increase in the disposable income of the consumers of the nation the purchasing
power has increased therefore the consumer base has increase in India.

52
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Figure:47

In the graph it is very clear that the disposable income of Indian consumers is increasing
rapidly. However there is a huge difference between the level of disposable income in
2010 and 2015. Inspite of low Disposable income ZARA managed to make 50 lakhs on
first day of sales whereas H&M made 1.75 crores on the first day with high level of
disposable income in the country.
3) Differences in FDI policy of India
In accordance with Indian regulations on foreign direct investment (FDI), the Spanish
fast-fashion retailer partnered with the Tata Group, India, to form a joint venture in
February 2009. Inditex owns 51% of this partnership while Tata's subsidiary Trent
Limited holds 49%. Due to various challenges the company faces, store expansion has
been slow, as only one store was planned to open in 2010 (Franchise Expo 2010)
However H&M instead of going for a joint venture falls under single brand retail trading
(SBRT) where according to the law on single-brand retail, up to 100% FDI is allowed,
but only 49% can come through the automatic route. Also change in FDI policies recently
has proved an advantage to the firm as the firm can now soon open it’s online store in
India. Also SBRT are suppose to source 30% from India which H&M has already being
doing. The firm has planned to open 30 outlets across the country by early 2015.
(Economic Times 2015)
4) Brand awareness : With the above mention factors and increasing influence of western
culture the awareness of foreign brands have also increased, also the craze of buying the
international brands have increased.

53
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Difference in their Marketing Mix

H&M ZARA
Product : The products that H&M is serving Product: Zara is serving the same line to
follows the same trend as Zara mainly dealing customers with Zara man, Zara Woman and
with Menswear, Women’s wear, Kids wear and Zara Kid. TRF is also a separate department in
also has recycled clothes as separate category . the store. And also has plan to launch Zara
Home Furnishing in Brick and Mortar form in
India soon.
Price: One of the goal of H&M is to make Price: The prices of Zara are bit costly as
fashion affordable for all thereby the prices compared to H&M but due to faith that it has
kept by them are low and accessible to even built in minds of consumers in past 5 years the
middle class people whereas in Zara the prices customers have turned price insensitive for this
are targeting upper middle class income group. particular brand
Place: The firm has just entered the Indian Place: The firm has been in India since past 5
Market with 2 stores till now but has plan to years and has 16 stores in India and soon is
open 30 stores by early 2016. The key planning to come up with Zara home
ingredient it is looking for is huge retail space furnishing in the form of brick and mortar. On
for example it is spread in the area of 25,000sq comparing the retail size of the store in the
feet in Select City same location then Zara is occupied 15,000 sq
feet area
Promotion: H&M has used more of Social and Promotion : Zara follows Zero investment in
print media to promote itself. It came up with a promotion strategy and follows more of online
4 page print advertisement to announce the promotion and word of mouth
launch in India. Also the firm uses a common
strategy for all launches which is a great launch
party where the celebs are seen wearing H&M
clothing.

*The above data has been taken from the websites of respective firms

54
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

BCG Matrix

Figure:48

The following BCG has been calculated taking into consideration their net revenues of
the firms globally. The market share of H&M has being increasing consistently whereas a
dip is seen in Market growth which is relatively low. Thereby falling under the star
category.
ZARA had an increment in the market share in the year 2012-2013 and further a dip in
the same in the year 2014. However a considerable decrease is seen in market growth of
ZARA thereby putting it under Cash Cows
On the other hand GAP has seen a dip in Market share over the span of three years
however least decrease among the three brands has been experienced by GAP in terms of
Market growth thereby putting it under Market Growth.

Conclusion
 The firm has focus on 3 major chunks that they feel are responsible for their growth in the
global market - Internal customers
-External Customers
-Environment (Sustainability)

 The firm has succeeded in satisfying the employees with it’s effective HRM policies and
also making them a part of the success of the firm, their HIP –Incentive program has
created a desire for the employee to stay loyal to the firm and thereby saving the cost of
recruiting and selection process. The result being that H&M has being ranked on 24 th rank
in the world and comes under the category of best companies to work with according to a
research by Fortune partnering with Great Place to work.
 Taking into consideration that H&M has entered India recently therefore the awareness of
the sustainability initiatives of the firm is missing. The people in India are not aware
55
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

about the ethical working policies of H&M. A drift has being seen in the buying pattern
of consumers preferring more from the brand with moral grounds. Thus it can be an
advantage for the firm. Therefore company with span of time and focus on spreading
awareness about the environmental initiatives can prove itself to be most sustainable
among the other brands present
 Also the Movement carried out by H&M about conscious clothing consumption was
miscommunicated to people therefore an awareness about that initiative via a popular
celebrity can be a way to incorporate more people for good cause
 The stores are located in South Delhi and have plans to spread in Noida and Gurgaon
however another expansion in West would give a good opportunity to the firm in terms of
sales, footfall and brand awareness providing more convenience to the consumers. They
as for now aren’t planning any store in west.
 Celebrity influence the consumers in big way thus tie up with films in term of outfits and
celebrity endorsement can help to tap the market
 The change in FDI policy has given an advantage to the firm as now it can soon open it’s
online store in India due to it being already present in brick and mortar form
 According to the responses they have inelastic demand towards fast fashion however
have elastic demand towards H&M thus the firm should not plan to increases it’s prices in
near future.
 Also the consumer are overall happy with the products and services offered by H&M but
when on comparison with ZARA, the consumers would prefer ZARA due to it’s
established trust and brand Image in minds of consumer for which H&M take time
 The rate at which H&M has plans of progressing in terms of number of stores is more
than the rate at which ZARA has progressed. For H&M has plans to open 30 stores by
2016 whereas ZARA has 16 stores in 5 years.

Reflections
The research classes helped me in a great way to prepare my research objectives and
conduct a primary research on my brand. The communication classes were useful to write
my objectives and rational and also taught me the correct presentation skills. Statistics
classes were very helpful for the purpose of analysing the data from the questionnaires.
The marketing classes taught me the purpose of doing SWOT analysis and analysing the
strengths and weaknesses of my brand and also help me identify the target market of the
brand (market segmentation). The retail classes were one of the most important and
useful classes since they helped me look at the stores through the eyes of a fashion
marketer, to understand the retail mix and the importance of visual merchandising. The
classroom teachings of ‘Phenomenon of Fashion Demand’ were useful in understanding
the concept of elements and principles of design and thereby understanding their
importance in making and placing the garments in order to attract the customers. The
teachings in the finance classes helped me study the balance sheet and profit and loss
account of Biba Apparels and thereby calculating the required ratios to understand the
56
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

growth of the company over the years. Human Resource and Organizational Behaviour
classes helped me study the organization structure of the company and taught me the
importance of human resource management. It also helped me understand the need to
have strong harmony and communication skills amongst the members within an
organization. The activities held during the classes helped me understand the importance
of working as a team and using the resources effectively and efficiently to achieve my
target. The module ‘Market Response to Fashion Demand’ helped me understand the
supply chain of the company and how the product is made, beginning from the
conception to production and finally reaching the end customer for consumption.

References

• Tandon, S & Agarwal, S 2013, Fast Fashion catches fancy of Indian

Consumers. Retrieved on November 2, 2015, from
http://www.livemint.com/Industry/ll0DswclMpprlxZaYs4GjO/Fast-
fashionhttp://www.livemint.com/Industry/ll0DswclMpprlxZaYs4GjO/Fast-fashion-
catches-fancy-of-Indian-consumers.htmlcatches-fancy-of-Indian-consumers.html
• Malviya, S 2015, Zara becomes the first apparel brand in India to cross
$100-Million sales mark. Retrieved on November 5, 2015, from
http://articles.economictimes.indiatimes.com/2015-07-
10/news/64282723_1_inditex-trent-zara-brand-owner
• Vittal, I 2010, India’s fast growing fashion market. Retrieved on November 6,
2015, from http://www.mckinseyonmarketingandsales.com/indias-
fasthttp://www.mckinseyonmarketingandsales.com/indias-fast-growing-apparel-
marketgrowing-apparel-market
• Stock, K 2013, H&M has being slower than it’s fast-fashion rival in escaping
Europe. Retrieved on November 7, 2015 from
http://www.bloomberg.com/bw/articles/2013-06-13/h-and-m-has-beenhttp://
www.bloomberg.com/bw/articles/2013-06-13/h-and-m-has-been-slower-than-its-fast-
fashion-rival-in-escaping-europeslower-than-its-fast-fashion-rival-in-escaping-
europe
• Regner, P &Yildiz, H 2013, H&M in fast fashion: Continued Success.
Retrieved on November 10, 2015 from
https://www.academia.edu/11463068/CASE_STUDY_H_and_M_in_fast_fa
shion_continued_success
57
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

• Mitra, S 2015, H&M to invest 100 pounds in 5 years in India. Retrieved on

November 10, 2015 from
http://www.livemint.com/Industry/XIdhqECSRa2W8YQFJLTBTP/HM-
tohttp://www.livemint.com/Industry/XIdhqECSRa2W8YQFJLTBTP/HM-to-start-Indian-
operations-with-three-stores-plans-more.htmlstart-Indian-operations-with-three-
stores-plans-more.html
• Ranjan, D 2015,H&M Opens second store in India. Retrieved on November
11, 2015 from http://rtn.asia/d-r/15302/hm-opens-second-store-in-delhi
• Kalra, A 2015, H&M’s Next Target: The Middle Class Indian. Retrieved on
November 11, 2015 from
http://www.businessoffashion.com/articles/globalhttp://www.businessoffashion.co
m/articles/global-currents/hms-next-target-the-indian-middle-classcurrents/hms-next-
target-the-indian-middle-class
• Technopak 2015, Textile and Apparel Compendium 2015. Retrieved on
November 12,2015 from
http://b2bimages.iimg.in/files/retail_files/reports/data_file-China-
dominateshttp://b2bimages.iimg.in/files/retail_files/reports/data_file-China-dominates-
the-global-Textile-Apparel-exports-with-40-share-1434619354.pdfthe-global-Textile-
Apparel-exports-with-40-share-1434619354.pdf
• Peterson, H 2014, 5 Charts that show H&M’s Progressive growth. Retrieved
on November 15, 2015 from http://www.businessinsider.in/5-Charts-
Thathttp://www.businessinsider.in/5-Charts-That-Show-HMs-Explosive-Growth/
articleshow/42208347.cmsShow-HMs-Explosive-Growth/articleshow/
42208347.cms
• Chitravanshi, R 2015, Revised FDI regulations allowed single brand retail
companies to sell online. Retrieved on November 20, 2015 from
http://economictimes.indiatimes.com/industry/services/retail/revised-
fdihttp://economictimes.indiatimes.com/industry/services/retail/revised-fdi-regulations-
allow-single-brand-retail-companies-with-stores-to-sell-online/articleshow/
49865946.cmsregulations-allow-single-brand-retail-companies-with-stores-to-
sellhttp://economictimes.indiatimes.com/industry/services/retail/revised-fdi-regulations-
allow-single-brand-retail-companies-with-stores-to-sell-online/articleshow/
49865946.cmsonline/articleshow/49865946.cms
• Franchise Expo 2010,Inditex JV launches first ZARA store in Delhi.
Retrieved on November 23, 2015 from

58
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

http://www.franchiseexpo.in/resources/franchise-news/junhttp://
www.franchiseexpo.in/resources/franchise-news/jun-2010/
inditexjvlaunchesfirstzarastoreindelhi2010/inditexjvlaunchesfirstzarastoreindelhi

Annexure 1

59
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

60
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Annexure 2

61
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

Annexure 3

62
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

63
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

64
Ashima khurana
 H&M- Fashion for All
MAFMG
Semester 0

65
Ashima khurana