Press Esc to close
Friday 06 March 2015
News updated at 12:05 AM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

Honda, H&M want to open single brand stores

New Delhi, May 16, 2013 (PTI)
Honda: File image Reuters

Honda Motorcycle & Scooter India (HMSI) and Swedish fashion retail giant Hennes & Mauritz (H&M) have sought government permission for opening up of single- brand retail stores in the country.

"H&M has applied and Honda has applied," Secretary in the Department of Industrial Policy and Promotion (DIPP) Saurabh Chandra told reporters here.

HMSI, the wholly-owned subsidiary of the Japanese auto giant Honda, which had sought approval of the Foreign Investment promotion Board (FIPB), has proposed to sell products like two-wheeler motor cycles, spare parts and accessories in their stores.

At present, the firm sell their vehicles as well as spare parts through franchises.

On the other hand, H&M has proposed an investment of 100 million euros (around Rs 700 crore) for opening up of 50 stores.

Globally, H&M has around 2,800 stores spread across 49 markets, employing over one lakh people. While Germany is its largest market, US is its second biggest market followed by UK and France.

Founded in Sweden in 1947, in addition to H&M, the group has brands including COS, Monki, Weekday and Cheap Monday and Other Stories as well as H&M Home.

Since the government relaxed FDI norms last year, many foreign retailers have taken steps to open stores in India. So far IKEA's Rs 10,500 crore investment plan to set up its chain of stores across India remains the biggest proposal.


Go to Top

Photo Gallery
Rajnath Singh celebrates Holi with Delhi BJP Chief Satish Upadhyay and party leader Vijay Goel...

Rajnath Singh celebrates Holi with Delhi BJP Chief Satish Upadhyay and party leader Vijay Goel...

Hema Malini reacts as an MP smears Gulal on her forehead ahead of Holi celebrations...

Hema Malini reacts as an MP smears Gulal on her forehead ahead of Holi celebrations...

People sing and dance while celebrating Holi, the Festival of Colours, in Kathmandu...

People sing and dance while celebrating Holi, the Festival of Colours, in Kathmandu...

Narendra Modi being presented with the autographed tennis racquets of Leander Paes and Martina...

Narendra Modi being presented with the autographed tennis racquets of Leander Paes and Martina...

Widows daubed in colours chant religious hymns as they take part in the Holi celebrations...

Widows daubed in colours chant religious hymns as they take part in the Holi celebrations...

Tourists celebrate Holi in Jodhpur on Wednesday...

Tourists celebrate Holi in Jodhpur on Wednesday...

A child during Holi celebration in Alipurduar on Thursday...

A child during Holi celebration in Alipurduar on Thursday...

Stranded trucks wait for the re-opening of the Jammu-Srinagar highway, at Nandni near Jammu...

Stranded trucks wait for the re-opening of the Jammu-Srinagar highway, at Nandni near Jammu...

Tennis star and ambassador of Earth Hour 2015, Sania Mirza signs a poster during a press meet...

Tennis star and ambassador of Earth Hour 2015, Sania Mirza signs a poster during a press meet...

People watching the wreckage of the Jaguar fighter aircraft...

People watching the wreckage of the Jaguar fighter aircraft...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523