H&M to start Indian operations with three stores, plans more

Swedish fashion retailer Hennes & Mauritz (H&M) plans to kick off its Indian operations with three stores, the first one of which will be opened in the national capital tomorrow.
The firm, which had received FIPB approval in November, 2013 for 50 stores, said it will open two stores in Delhi in this calender year and add another one in Bengaluru by next year.
"India is a great market with huge potential. We want to be present in all markets where customers are waiting for us. I am aware that in FDI (document) it is written that we will do 50 stores, but we may do more or less than that. We don't need to put a number to that," H&M Retail Pvt Ltd India CEO Janne Einola told PTI.

As per its proposal to the Foreign Investment Promotion Board (FIPB), H&M had stated that it planned to invest about Rs 720 crore for opening stores across the country.
When asked about the pace of expansion for H&M stores in India going forward, he said: "We are here for the long term. It also means expansion. We can wait till we get the right kind of place. We are not in a hurry. We don't compromise on our stores. We will open only when we get right places."
Size of H&M's stores across various locations are between 1,600 to 5,000 square metres.

On pricing of products in India, he said: "Our business idea is fashion and quality at best price and in a sustainable way... Our prices are very competitive".

The company's first flagship store in India will be about 2,300 sq metre outlet in south Delhi, offering fashion items for women, men and children.
Einola added that H&M stores in India will offer same collections as they offer in all their stores across the world.
The H&M group has 3,600 stores in 58 global markets and sees the potential to open 50 stores in India over the next few years.