H&M hires key people as it prepares to open debut store in 2015

Swedish retailer Hennes and Mauritiz (H&M) is busy hiring people for top

management positions as it prepares to roll-out its first store in India by 2015. Though the company is yet to announce the name of Chief Executive for India operations, sources inform that it has roped in Amit Kothari, former India Marketing and Communications head at British retailer Marks & Spencer, as Head of Marketing and Fredrick Dahl, as Head of Expansion.

According to H&M’s proposal, the company wants to open 50 stores in India. They would also sell products through e-commerce when foreign brands would be allowed to launch their e-shopping websites in the country. As reported earlier, the Department of Industrial Policy and Promotion (DIPP) had given a green signal to the company in September this year. In April, the company had presented an application to enter the country’s single brand retail market.

Endorsed by the likes of super-model Gisele Bundchen and footballer David Beckham in international ad campaigns, H&M plans to invest 100 million euros (over Rs 780 crores) in the first phase through its wholly-owned subsidiary. This is second such proposal from Sweden and also the second largest. Earlier last year the Cabinet Committee on Economic Affairs had cleared Swedish furniture-maker Ikea’s Rs10,500 crores FDI proposal.

H&M is currently present in 53 markets worldwide, with over 3,100 stores. Founded in Sweden in 1947, the company’s business concept is to offer fashion and quality at the best price. In addition to H&M, the group includes the brands & Other Stories, Cheap Monday, COS, Monki and Weekday as well as H&M Home.