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 Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
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.
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
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 Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
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.
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
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.
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
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.
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
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.
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
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.
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
Hennes & Mauritz AB group which operates around 3,000 stores globally, also manages other brands like COS, Monki, Weekday, Cheap Monday and & Other Stories.
The Foreign Investment Promotion Board (FIPB) of India approved Swedish clothing retailer Hennes & Mauritz (H&M)'s proposal to open 50 stores #
Fibre2fashion News Desk - India
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