Swedish fashion retailer H&M will open its first store in India this year. Last year H&M had announced its plans to spend around 100 million euros on an initial 50 stores in India and finally received approval from the Indian government to invest in the country in December. The retailer hasn’t yet decided where the first store will be opened and is looking at several big cities and locations.
“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,” says H&M CEO Karl-Johan Persson.
H&M has almost tripled store numbers over the past decade to over 3,100 outlets in 53 countries, but it has lagged bigger rival Inditex in expanding into fast-growing emerging markets.last month H&M announced its plans to open 375 new stores worldwide in 2014, including 80-90 in China. It also plans to enter Australia and the Philippines this year.