On aggressive store growth and cheaper pricing, Swedish fashion retailer Hennes & Mauritz (H&M) reported an 11 per cent drop in sales in the year to March 2021, but still managed to preserve its position as India's top fast fashion brand by revenues. According to its most recent report, H&M had revenues of Rs 1,402 crore in 2020-21, down from Rs 1,582 crore the previous year. The results are consistent with the broader trend in the clothing and leisure market, as rivals such as Marks & Spencer, Shoppers Stop NSE -1.66 per cent, Tata-owned Trent, Aditya Birla Fashion & Retail, and Lifestyle International saw revenue decline and losses expand during the year.
