H&M (Hennes & Mauritz) plans to make India foray

Feb 20 2013, 12:10 IST
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SummaryThe world's second-largest clothing retailer, Hennes & Mauritz (H&M), plans to invest in single-brand retail stores in India, which is in the application stage at present.

The world's second-largest clothing retailer, Hennes & Mauritz (H&M), plans to invest in single-brand retail stores in India, which is in the application stage at present.

This is the second Swedish firm after Ikea, which plans to invest in India after the country liberalised its FDI policy.

"We have been looking at India for quite some time. We are in the application process and we will see how it goes," said H&M CEO Karl Johan Persson after meeting commerce minister Anand Sharma on Tuesday. Though the firm is looking at wholly-owned 100 per cent units, Persson did not share details on numbers. "We will start with a few stores and will see if everything happens as we hope, then we will expand heavily," he added. FE

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