{"id":2189,"date":"2013-03-08T11:23:51","date_gmt":"2013-03-08T11:23:51","guid":{"rendered":"http:\/\/www.franchisemart.in\/franchise\/?p=2189"},"modified":"2013-04-12T08:00:05","modified_gmt":"2013-04-12T08:00:05","slug":"fashion-retailer-hennes-mauritz-eyes-india","status":"publish","type":"post","link":"https:\/\/www.franchisemart.in\/franchise\/fashion-retailer-hennes-mauritz-eyes-india\/","title":{"rendered":"Fashion retailer Hennes & Mauritz eyes India"},"content":{"rendered":"

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After the likes of Ikea, Budget fashion chain Hennes & Mauritz is likely to enter Indian market.<\/p>\n

With the Indian government recently relaxing the rules of ownership for a foreign company in the country, many multinationals have shown eagerness to tap into domestic demand.<\/p>\n

H&M hopes to cater to a growing urban middle-class with a strong demand for western-lifestyle products. H&M Chief Executive Karl-Johan Persson said after a meeting with Commerce Minister Anand Sharma that the Indian market had huge potential. \u201cWe will start with a few stores … and we will see if everything (goes) as we hope, then we will expand heavily from there,\u201d he said in a statement.<\/p>\n

H&M, the world\u2019s second-largest apparel retailer after Zara-owner Inditex, is looking at developing and stronger markets like India after sales in its traditional bastion of Europe was affected by the region\u2019s debt crisis.<\/p>\n

India last year opened up to full foreign ownership of single-brand retail firms. Persson said H&M would increase its sourcing in the country.<\/p>\n