SWEDISH fashion retail giant H&M aims to open 50 stores in India to tap the South Asian nation’s growing middle-class market, an Indian government statement said recently.

This is the second Swedish chain to seek entry into India after the government had relaxed their legislation last year, to allow foreign retailers to set up shop in India and sell directly to Indian consumers to boost investment from abroad.

H&M, one of the world’s leading clothing retailers by sales, has applied to make a US$131mil (RM397mil) investment and “will establish 50 stores”, the Indian government said in a press release.

But Stockholm-based H&M added in a statement that there “are no concrete plans” yet for when it would open its first stores in India.

Indian Commerce Minister Anand Sharma said in New Delhi he welcomed the application by H&M.

“After the liberalisation of FDI (foreign direct investment) policy in single brand retail, there has been a considerable interest shown by all global retail majors,” Sharma said.

“The government remains committed to a liberal economic reforms agenda,” he added, saying foreign investment was “a source of technology, finance and means of creating gainful employment”.

In February, H&M which like many other European retailers is seeking to diversify from the crisis-hit euro zone, said it aimed to start “with a few stores” in India and would “expand heavily” if all went well. – AFP Relaxnews

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