Fast fashion retailer H&M will open a flagship store in India in 2014 as it becomes the latest retailer to capitalise on the country’s decision to open its economy to foreign operators.
Last month, India’s foreign investment regulator cleared plans by Tesco and Vodafone to invest over $1.5bn in the world’s second-largest consumer market.
H&M says it has applied for permission with Indian authorities for around 50 stores in the country.
“We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential,” said Karl-Johan Persson, CEO of H&M.
The firm did not mention which city the store would be located in.
The Swedish retailer, who still makes 80 per cent of its sales in Europe, will open its first stores in the Philippines and Australia this year, and plans to open 375 stores globally in 2014.
An Associated Chambers of Commerce and Industry of India report says that the retail market in India is increasing at 15 per cent a year, with organised retail expected to take a 10 per cent share of the market over the next few years.