H&M, the largest fast fashion brand in India, reported a 40% increase in sales for the year ending March 2023. However, this growth was lower compared to the previous year, indicating increased competition from brands like Uniqlo and Zara. Online sales for H&M crossed the Rs1000 crore mark, accounting for 40% of its overall sales. Zara s performance in India has been tapering off due to slow outlet expansion, while H&M saw its slowest expansion ever last fiscal year. India s organized retail segment saw a 34% growth in sales.