H&M will open its first store in India this year

H&M will open its first store in India this year

Swedish fashion retailer Hennes & Mauritz (H&M) is to open its first store in India this year, which will serve as its flagship in the country.

Commenting on the announcement, CEO Karl-Johan Persson said India is "one of the most exciting countries in the world right now, with so much potential".

The news comes after the retailer was last year given the go-ahead to open 50 single-brand retail stores in India with an investment of INR7.2m (US$115.5m).

That move came after India's government in January last year agreed to allow 100% foreign direct ownership in single-brand retail. 

The government also eased restrictions on foreign investment into the multi-brand retail sector in August - nearly a year after initial reforms were introduced.

H&M, which is present in 53 markets worldwide, will face competition from Massimo Dutti, after its proposal to sell its clothing in India was approved last year.