India has caught the eye of many international brands which are on a global expansion spree. One such is Hennes & Mauritz (H&M), which has decided to move beyond the metros and open new stores in the suburbs.
The Swedish fashion retailer, is planning to invest 100 million Euros (about Rs 700 crore) to expand itself in India. They have already opened four stores all over the country and are planning to layout four more by end of this year.
“We do see India as an important part of our global expansion. We aim to grow with our business concept of ‘fashion and quality at the best price’ in a sustainable way,” Country Manager for H&M Hennes & Mauritz Retail, India, Janne Einola was quoted by PTI as saying.
Further to this quote, Einola said, “At H&M we believe there is a lot of room for growth and we do not limit our selves only to metros. We are constantly looking at new possible markets to open in. The availability of attractive business locations is the major deciding factor in our expansion, whether it’s a mall or high street;” he was asked about the company’s network expansion strategy.
H&M at present is focusing on the brick and mortar retail stores. They are inviting Indian designers and also the e-commerce portals to join them in this venture. Operating almost 3,900 stores in 61 countries, H&M looks upon India as a significant part in its global expansion drive.
“H&M has had production in India since 1993. With our growing expansion rate, we see that we will increase the sourcing from all markets including India, we will comply with the sourcing requirements of the FDI policy,” Einola was quoted by PTI as saying.