H&M's first India store in Delhi by November '14

Sweden’s Hennes & Mauritz (H&M) is all set to open its first store in New Delhi,

in November 2014. According to its proposal, the company wants to open 50 stores in India. H&M would also sell its 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) has given the 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 supermodel Gisele Bundchen and footballer David Beckham in international ad campaigns, H&M plans to invest 100 million euros (over Rs 800 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 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. In addition to H&M, the group includes the brands & Other Stories, Cheap Monday, COS, Monki and Weekday as well as H&M Home.