H&M says preparing to enter India

STOCKHOLM (Reuters) - Budget fashion retailer Hennes & Mauritz said on Tuesday it was preparing to apply to enter India, which last year fully opened up single-brand retail to foreign firms.

H&M spokeswoman Kristina Stenvinkel said Chief Executive Karl-Johan Persson was in India and would on Tuesday meet Trade Minister Anand Sharma.

"We have, as we have said before, looked at India for a while, but there have been certain limitations," Stenvinkel said.

"We will now present H&M and our plans for India. We are interested in opening stores there. What we are doing now is preparing to apply to start a wholly-owned subsidiary."

 

(Reporting by Veronica Ek)