This Gandhi Jayanti, fashionable shoppers of the national captial are expected to queue up outside the swank new H&M store at Select Citywalk mall in Saket. India is the 60th market for the Swedish retailer.
For its opening day tomorrow, the company plans to organise musical events to create a festive atmosphere. Spread across 25,000 sq ft in two floors, H&M’s maiden outlet in India offers varied range of fashion merchandise for men, women and kids.
Select Citywalk will keep its doors open through the night today for eager fans to queue up in order to get their hands on the world’s second largest clothing brand’s merchandise first. The first three shoppers will receive gift cards of Rs 15,000, Rs 10,000 and Rs 7,500, respectively. H&M will also offer its limited edition tote bags for the first 1,000 customers in queue.
The second H&M store is being planned at Ambience Mall in Vasant Kunj by the end of 2015. The retailer is expected to open as many as 30 stores in India next year. With $22 billion in global sales, the firm had at the time of application proposed to invest Rs 750 crore in India. It had reportedly said it planned to open 50 outlets across India through the next few years.
According to H&M’s latest quarterly report, the company plans to open as many as 400 stores across the world this year. Besides India, the group’s expansion thrust is on the US and China. In fact, in North America, both H&M and Inditex’s Zara are giving stiff competition to the US-based Gap, Inc, which recently announced it would shut 175 stores in the US.