Wednesday 23 April 2014
News updated at 5:08 PM IST
Weather
Max: 35.5°C
Min : 21.5°C
In Bangalore
Partially cloudy

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
Bengaluru FC player in a Jubilant mood at International Airport,Bengaluru after winning I league...

Bengaluru FC player in a Jubilant mood at International Airport,Bengaluru after winning I league...

Timothy John Bristow, Sir Robert Bristow’s nephew with his wife Rebecca visits the Harbour Bridge...

Timothy John Bristow, Sir Robert Bristow’s nephew with his wife Rebecca visits the Harbour Bridge...

Priyanka Vadra shares meal with a village woman in a field during an election campaign for her...

Priyanka Vadra shares meal with a village woman in a field during an election campaign for her...

Encyclopaedia Britannica President Jorge Cauz and Geeta Dharmarajan, founder & executive directoR...

Encyclopaedia Britannica President Jorge Cauz and Geeta Dharmarajan, founder & executive directoR...

School children greet Sachin Tendulkar on the eve of his birthday in Moradabad...

School children greet Sachin Tendulkar on the eve of his birthday in Moradabad...

An Indian Hindu devotee prays to the river Ganges, in Varanasi, India...

An Indian Hindu devotee prays to the river Ganges, in Varanasi, India...

A ragpicker girl Zahanara Khatun, 12, looks at the camera as she searches for recyclable items at...

A ragpicker girl Zahanara Khatun, 12, looks at the camera as she searches for recyclable items at...

Indians stand on the banks of the River Yamuna, covered in industrial effluence on Earth Day in...

Indians stand on the banks of the River Yamuna, covered in industrial effluence on Earth Day in...

Indian devotees pray and take dip on the banks of the river Ganges, in Varanasi...

Indian devotees pray and take dip on the banks of the river Ganges, in Varanasi...

A man poses as he gets his face painted ahead of the sixth phase of India's general election...

A man poses as he gets his face painted ahead of the sixth phase of India's general election...

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