Swedish cloth­ing gi­ant H & M set to en­ter In­dia soon

VM&RD - - WASSUP! -

The Depart­ment of In­dus­trial Pol­icy and Pro­mo­tion (DIPP) has given its ap­proval to Swedish ap­parel gi­ant com­pany Hennes & Mau­ritz AB’s Rs 700-crore in­vest­ment pro­posal to foray into the In­dian sin­gle-brand re­tail mar­ket. The spokesper­son from the H& M spoke to V J Me­dia ex­clu­sively on the move, “We are ea­ger to in­vest in In­dia and have filed an ap­pli­ca­tion in April where we ful­fill all the re­quire­ments on the Sin­gle Brand Re­tail Trad­ing Pol­icy and are now just wait­ing for ap­proval to pro­ceed. With an ap­proval in place we have the ca­pa­bil­ity to act fast.” H&M, fa­mous for its bold prints and fast­fash­ion cloth­ing, had sent the ap­pli­ca­tion to DIPP in April, and will be in­vest­ing euro 100 mil­lion in the first phase through its whol­ly­owned sub­sidiary. H&M 700 Cr pro­posal is the sec­ond largest pro­posal af­ter fur­ni­ture-maker Ikea’s Rs.10,500 Cr pro­posal which was also from Swe­den ear­lier this year. H&M plans to open 50 stores in the coun­try

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