Hyderabad: Swedish fashion retail chain major H&M eyes a quick expansion after a late entry in the country, a top official said to this newspaper on Friday.
Ahead of the launch of Hyderabad store on Saturday, Janne Einola, country manager, H&M India, said, “All 16 stores are our own. We didn’t want a franchisee business model”. With India allowing 100 per cent FDI in single-brand retail, our decision to wait before entry looks to be well thought out.”
On GST, Mr Einola said, “We don’t want to guess what our competition are thinking but recent reforms such as GST from the Central will definitely help the sector.”
Mr Einola was quick to point out that H&M mostly source its product from Asia but will comply with all the Indian norms such as 30 per cent sourcing.
H&M has already inaugurated two stores — Bengaluru and Pune — in in 2017 calendar year and is planning to add atleast four more store by the end of December. The company inaugurated 11 stores in the last fiscal.
