H&M to open first store in India in 2014
Lana Nguyen, right, holds up a shirt while helping friend Chris Ghiathi, left, shop in an H&M store, in Atlanta in this Wednesday, Dec. 12, 2012 file photo. (AP / David Goldman)
The Canadian Press
Published Wednesday, February 12, 2014 7:27AM EST
STOCKHOLM, Sweden -- Swedish fashion retailer Hennes & Mauritz says it has received all the necessary regulatory approvals and plans to open its first store in India in 2014.
The budget fashion chain said Wednesday it will open a flagship store in the country during 2014m but it did not say in which city.
Spokesman Hacan Andersson said H&M has applied for permission with Indian authorities for around 50 stores, but that is dependent on conditions and whether it finds the right locations.
H&M Chief Executive Officer Karl-Johan Persson said in a statement that India is "a very interesting market with great potential."