New Delhi, Feb. 12: Swedish apparel label Hennes & Mauritz (H&M) plans to open its flagship store within this year.
“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,” chief executive Karl-Johan Persson said in a press release.
H&M sells its products in 53 markets from over 3,000 stores. It had got approval to operate in India in December. H&M has proposed to invest Rs 720 crore in a single brand Indian chain of 50 stores.
India allows up to 100 per cent foreign direct investment in single brand retail where labels of the branded store can be sold. H&M is following its British competitor Marks & Spencer into India.
In September 2012, the government had relaxed the investment norms for foreign single brand retailers, inviting sizeable investments from large retailers such as IKEA. The Swedish furniture maker proposed an investment of Rs 10,500 crore.
Sources said H&M had been negotiating with DLF for anchor store space at the realtor’s 1.8 million-sq-foot Mall of India in Noida. However, they could not confirm whether a deal had been struck, while H&M refused to divulge details beyond its announcements.
“We have not set a date for when and where we will open. The information we have to give out now is that we plan to open in 2014,” the e-mail said.