Govt approves H&M's India entry proposal

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.

 

The Government of India has approved Hennes & Mauritz GBC AB (H&M's) foreign direct investment (FDI) proposal to invest Rs. 7.2 billion #

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.

 

The Government of India has approved Hennes & Mauritz GBC AB (H&M's) foreign direct investment (FDI) proposal to invest Rs. 7.2 billion #

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.

 

The Government of India has approved Hennes & Mauritz GBC AB (H&M's) foreign direct investment (FDI) proposal to invest Rs. 7.2 billion #

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.

 

The Government of India has approved Hennes & Mauritz GBC AB (H&M's) foreign direct investment (FDI) proposal to invest Rs. 7.2 billion #

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 Government of India has approved Hennes & Mauritz GBC AB (H&M's) foreign direct investment (FDI) proposal to invest Rs. 7.2 billion #

Hennes & Mauritz AB group operates around 3,000 stores globally, and also manages other brands like COS, Monki, Weekday, Cheap Monday and & Other Stories.

 

The Government of India has approved Hennes & Mauritz GBC AB (H&M's) foreign direct investment (FDI) proposal to invest Rs. 7.2 billion #