H&M to open first India store this year

Swedish brand Hennes & Mauritz (H&M) is all set to open its first store in India this year, along with other destinations like the Philippines

and Australia. The company is targeting opening 50 stores across India. As reported earlier, the Department of Industrial Policy and Promotion (DIPP) had given its green signal to the company in September 2013. Last April, the company had given an application to enter the country’s single brand retail market.

“We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential,” says Karl-Johan Persson, CEO of H&M through a company release.

Endorsed by the likes of super-model Gisele Bundchen and footballer David Beckham, H&M plans to invest 100 million euros (over Rs 800 crores) in the first phase in India through its wholly-owned subsidiary. This is the 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 Rs 10,500 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.