Press Esc to close
Monday 27 April 2015
News updated at 9:33 AM IST
Weather
Max: 33.4°C
Min : 21.6°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
Smoke blew up when fire brigade personnel spray water to douse fire of a cloth store...

Smoke blew up when fire brigade personnel spray water to douse fire of a cloth store...

India's National Disaster Response Force personnel look for survivors in a building, in Kathmandu...

India's National Disaster Response Force personnel look for survivors in a building, in Kathmandu...

People look at the debris of one of the oldest temples after it was damaged...

People look at the debris of one of the oldest temples after it was damaged...

Tourists gather inside Nepal's Tribhuvan International Airport...

Tourists gather inside Nepal's Tribhuvan International Airport...

People gather near the cracks on the road caused by an earthquake in Bhaktapur...

People gather near the cracks on the road caused by an earthquake in Bhaktapur...

A Nepalese man walks through destruction caused by Saturday's earthquake, in Bhaktapur, Nepal...

A Nepalese man walks through destruction caused by Saturday's earthquake, in Bhaktapur, Nepal...

People run away from a landslide triggered by a tremor, after a 7.9-magnitude earthquake...

People run away from a landslide triggered by a tremor, after a 7.9-magnitude earthquake...

This photo provided by Azim Afif, shows a small avalanche on Pumori mountain...

This photo provided by Azim Afif, shows a small avalanche on Pumori mountain...

A view of collapsed houses due to earthquake in Madhubani, Bihar...

A view of collapsed houses due to earthquake in Madhubani, Bihar...

A general view of the Basantapur Durbar Square that was damaged in Saturday’s earthquake...

A general view of the Basantapur Durbar Square that was damaged in Saturday’s earthquake...

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