Home / Knowledge / News / Apparel/Garments / Govt approves H&M's India entry proposal
Govt approves H&M's India entry proposal
03
Dec '13
The Government of India has approved Hennes & Mauritz GBC AB (H&M’s) foreign direct investment (FDI) proposal to invest Rs. 7.2 billion (approx. US$ 115 million) in the country, based on the recommendation of the Foreign Investment Promotion Board (FIPB), made in its meeting held on November 13, 2013.
 
As per the proposal, H&M would be setting up a wholly-owned subsidiary (WOS) in India to undertake single-brand retailing in the country.
 
In April this year, the world’s second largest apparel retailer said that it plans to open 50 stores in India, as rising income and a growing population would fuel demand for its apparel in Asia’s third-largest economy.
 
After India opened its doors for 100 percent FDI in single-brand retailing in January 2012, H&M has become the second Swedish retailer, after furniture and interior furnishings retailer IKEA, to get the Government’s nod.
 
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 operates around 3,000 stores globally, and also manages other brands like COS, Monki, Weekday, Cheap Monday and & Other Stories.
 

Fibre2fashion News Desk - India


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search