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H&M, the Swedish fast fashion giant, is moving its Indian headquarters from Delhi-NCR to Bengaluru to tap into the city’s growing e-commerce and fashion technology sector.
The company, which has over 100 employees, will be relocating from its Saket office in Delhi to a new office in North Bengaluru, according to a YourStory report.
According to the report, this move follows a series of leadership changes at H&M India. Last year, Louis Coucke, the company’s CFO and Country Controller, left to join the Dubai-based Albatha Group. Eric Bennici succeeded him, and Helena Kuylenstierna was appointed as the India Director in 2024.
Bengaluru and fashion
Bengaluru has become a hub for top talent in e-commerce, technology, and fashion. The city is home to a growing number of apparel brands, both traditional and digital-first, including Rare Rabbit, Mensa Brands, and Arvind Fashion. Major fashion platforms like Myntra, Ajio, Flipkart, and Meesho also call the city home, making it an ideal location for H&M to expand its presence.
The move comes at a time when e-commerce has become increasingly important for fashion retailers, especially after the pandemic. H&M, which previously sold exclusively on Myntra, expanded its reach in 2023 by partnering with Ajio, the report further added.
Competitors like Reliance Retail and Aditya Birla Group have also launched fast-fashion ventures in Bengaluru, making it a key player in the industry, the report added. Meanwhile, H&M faces growing competition from other global brands, such as Zara and Uniqlo, and Chinese fast-fashion giant Shein, which plans to return to India in partnership with Reliance, the YS report further added.
Despite an 11 per cent rise in operating revenue for FY24, H&M reported an 80 per cent drop in net profit.
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