Budget fashion retailer Hennes & Mauritz said on Tuesday it was preparing to apply to enter India, after government last year fully opened up single-brand retail to foreign firms. H&M spokeswoman Kristina Stenvinkel said Chief Executive Karl-Johan Persson was in India and would on Tuesday meet Trade Minister Anand Sharma.
“We have, as we have said before, looked at India for a while, but there have been certain limitations,” Stenvinkel said. “We will now present H&M and our plans for India. We are interested in opening stores there. What we are doing now is preparing to apply to start a wholly-owned subsidiary.”