Swedish fashion retailer Hennes & Mauritz (H&M) plans to kick off its Indian operations with three stores, the first one of which will be opened in the national capital tomorrow. The H&M group has 3,600 stores in 58 global markets and sees the potential to open 50 stores in India over the next few years.
The firm, which had received FIPB approval in November, 2013 for 50 stores, said it will open two stores in Delhi in this calendar year and add another one in Bengaluru by next year.
"India is a great market with huge potential. We want to be present in all markets where customers are waiting for us. I am aware that in FDI (document) it is written that we will do 50 stores, but we may do more or less than that. We don't need to put a number to that," H&M Retail Pvt Ltd India CEO Janne Einola told PTI.
When asked about the pace of expansion for H&M stores in India going forward, he said: "We are here for the long term. It also means expansion. We can wait till we get the right kind of place. We are not in a hurry. We don't compromise on our stores. We will open only when we get right places."
Size of H&M's stores across various locations are between 1600-5000 square metres.
On pricing of products in India, he said: "Our business idea is fashion and quality at best price and in a sustainable way... our prices are very competitive".
The company's first flagship store in India will be about 2,300 sq metre outlet in south Delhi, offering fashion items for women, men and children. Einola added that H&M stores in India will offer same collections as they offer in all their stores across the world.
