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H&M receives nod to set up retail stores in India
14
Nov '13
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)’s proposal to open 50 stores in India.
 
The proposal to set up 50 single-brand stores at an investment of Rs 7.2 billion or around $113 million was put up by H&M in April 2013. 
 
During a visit to India in February this year, Mr. Karl Johan Persson, CEO of H&M, said the company has studied India's single-brand retail policy for foreign direct investment (FDI) and would be able to comply with it.
 
The Swedish apparel retailer has set up a wholly owned subsidiary H & M Hennes & Mauritz India (P) Ltd, with its head office located in Bangalore. 
 
A Sweden based H&M spokesperson, when contacted by fibre2fashion declined to comment on the development since they had not received any notification from the Indian government. 
 
However, he added that once they receive the go-ahead, they would move fast towards setting up of the first H&M store in India.
 
H&M is the second Swedish retailer after furniture and interior furnishings retailer IKEA to get approval from FIPB to start single-brand retail operations in India.
 
Sweden based Hennes & Mauritz AB group is the world's second biggest clothing retailer by sales behind Spain based Inditex SA, which owns the fast fashion brand – Zara. 
 
Hennes & Mauritz AB group which operates around 3,000 stores globally, also manages other brands like COS, Monki, Weekday, Cheap Monday and & Other Stories. 
 

Fibre2fashion News Desk - India

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