H&M following the footsteps of its Scandinavian peer, IKEA, has asked the Indian government to open wholly owned subsidiary in India in order to gain control of its Indian retail operation. Visiting H&M chief executive Karl-Johan Persson labelled India as a “very interesting” market. If the proposal is approved, it will be the 50th country where H&M will have a retail presence.
It’s a huge market. We are not there yet. More than a billion people live in India and in Sweden we are only 9 million but we have 150 stores (in Sweden) - Persson H&M CEO
Inspired by the success of Zara, Swedish brand has sought permission from FIPB to start a wholly-owned company that will open fifty stores. In its application, the H&M has said that it will fulfill all conditions of India's single-brand retail policy that stipulates local sourcing of 30% of the total purchase.
H&M will sell 10 categories of products in India including home furnishing, home decoration, toys, clothes, footwear, cosmetics, handbags and fashion accessories, kitchen utensils and cutlery. It currently has no plan for e-commerce which is making quick inroads in Indian retail scene.
H&M will sell 10 categories of products in India including home furnishing, home decoration, toys, clothes, footwear, cosmetics, handbags and fashion accessories, kitchen utensils and cutlery. It currently has no plan for e-commerce which is making quick inroads in Indian retail scene.
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