H&M to open its first India store at Delhi around September
Bengaluru: Swedish fashion retailer Hennes and Mauritz AB (H&M) will open its first flagship store in India at a Delhi mall by September, the retailer said in a media statement on Wednesday morning.
The news comes with the appointment of country manager for H&M in India, Janne Einola, formerly deputy country manager for the brand in Finland and the Baltics. “We are excited to present the complete H&M experience to our Indian customers,” Einola added in the statement.
The 25,000 sq. ft store will come up in Delhi’s Select Citywalk mall that also houses other foreign fashion labels such as Zara, Mango, Tommy Hilfiger and GAP. H&M is the latest brand to woo young aspirational shoppers in India. Last month, American fashion retailer GAP opened its first flagship store in the country with a promise to open 40 more.
In 2013, H&M promised an investment of Rs.700 crore to open 50 single-brand retail stores in India through a foreign direct investment (FDI) route.
H&M is popular for its classy styles and affordable fashion for women, men, children and teenagers. Even as large fashion retailers, especially in the Americas, have struggled to sell more clothing to millennials, H&M has seen consistent growth in home and overseas markets. It recently opened its largest store in Manhattan at 63,000 sq. ft as part of its plan to open 400 stores in 2015 in markets including Taiwan, India, South Africa, and Peru, among others.
Run by Swedish billionaire Karl-Johan Erling Göran Persson, the H&M group has over 3,600 stores in 58 markets worldwide and registered $22.33 billion in sales in 2014. The chain was started by Persson’s grandfather in 1947.