Press Esc to close
Tuesday 26 May 2015
News updated at 2:44 AM IST
Weather
Max: 33.3°C
Min : 22.5°C
In Bengaluru
Sunny day

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
Republican presidential candidate Ben Carson (R) talks with 91-year-old World War Two veteran Russel

Republican presidential candidate Ben Carson (R) talks with 91-year-old World War Two veteran Russel

Nepalese people walk across the damaged temple area one month after the deadly 7.8 magnitude ...

Nepalese people walk across the damaged temple area one month after the deadly 7.8 magnitude ...

Police charge Congress activists who were staging a protest at the residence of Madhya Pradesh ...

Police charge Congress activists who were staging a protest at the residence of Madhya Pradesh ...

AISA activists holding a protest against HRD Minister Smriti Irani on concerns over the choice ...

AISA activists holding a protest against HRD Minister Smriti Irani on concerns over the choice ...

Pramodadevi Wadiyar and Yaduveer Krishnadatta Chamaraja Wadiyar at a press conference in the ...

Pramodadevi Wadiyar and Yaduveer Krishnadatta Chamaraja Wadiyar at a press conference in the ...

Indians watch a chopper carrying Prime Minister Narendra Modi leave after addressing a rally at ...

Indians watch a chopper carrying Prime Minister Narendra Modi leave after addressing a rally at ...

Gujjar community people sleep on train track as they agitating to demand reservation in ...

Gujjar community people sleep on train track as they agitating to demand reservation in ...

Prime Minister Narendra Modi greets to crowd as actress and BJP MP Hema Malini and other leaders ...

Prime Minister Narendra Modi greets to crowd as actress and BJP MP Hema Malini and other leaders ...

Mumbai India and CSK Cricketers with IPL Trophy during photo session ahead of their IPL 2015...

Mumbai India and CSK Cricketers with IPL Trophy during photo session ahead of their IPL 2015...

Organically grown fruits and vegetables at ‘Pilikula Vasanthothsava’ at Pilikula in Mangaluru...

Organically grown fruits and vegetables at ‘Pilikula Vasanthothsava’ at Pilikula in Mangaluru...

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