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Uniqlo, H&M scouting for retail space to open stores

By FashionUnited

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Japan’s Uniqlo and Sweden’s H&M are all set

to enter India with their own stores after changing their policy in the last few months to boost overseas investment in retail. Both are moving closer to finalizing store space at DLF’s 1.8 million square foot Mall of India in Noida’s Sector 18, on the outskirts of Delhi. The mall would be inaugurated in the next six months.

Following the relaxation of rules on foreign direct investment (FDI) in single-brand retail in September 2012, the labels are keen to enter the country although they are wary about high real estate prices and other constraints. However, the successful stint being experience by Spanish label Zara has encouraged others to try and tap the market.

Consumption expenditure on apparel is expected to increase 3.8 times to 225 billion dollars (Rs 12,20,625 crores) in India over the next seven-eight years, according to a 2012 report by Boston Consulting Group.

H&M, known for its relatively affordable fashion wear, is awaiting a government decision on the Rs 700 crores foreign direct investment (FDI) proposal that it made last month. The company is said to be planning its store spread across two floors in a 30,000 square foot area at the Noida mall, which will be India’s largest when it opens.
H&M
Uniqlo