New Delhi, May. 1 (ANI): Swedish fashion retail giant H&M is planning to open 50 stores in India to tap the country”s growing middle-class market, according to an Indian government statement. H&M is the second Swedish chain to seek entry into India after the government last year relaxed legislation to allow foreign retailers to set up shop in India and sell directly to Indian consumers to boost investment from abroad, reports New York Daily News. H&M, one of the world”s leading clothing retailers by sales, has applied to make a 131-million dollar investment and “will establish 50 stores”, the Indian government said in a press release. But 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. He said the government remains committed to a liberal economic reforms agenda, and added that 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. (ANI)
