JOIN US"While we are always looking to expand our presence in markets across the globe, we have no concrete plans at the moment to enter India," a spokesperson of H&M told PTI over phone from Stockholm.
Prior to last week's decision by the government to relax the FDI norms in retail further, H&M has been speculated to be engaged in discussions with India's fashion retail companies, including DLF Brands, Reliance Brands and ITC to explore ways for entering India.
The Cabinet had approved allowing 100 per cent FDI in single brand retail from 51 per cent earlier. This means that any international retailer that sells products under one brand only would be able to open shops in India without partnering a local player.
As part of the policy change, 51 per cent FDI has also been allowed in multi-brand retail.
According to industry experts, H&M has adopted a wait and watch situation in the past as it wanted to be an independent retailer in the country.
Founded in 1947 in Sweden, H&M has approximately 2,300 stores in 40 countries, including through franchise route.
The company also has other brands such as Monki, Weekday and Cheap Monday and H&M Home, besides H&M. In 2010, the company registered total sales of SEK 1,26,966 million.