Swedish clothing giant to open store in India

Swedish clothing giant to open store in India

The Swedish clothing giant Hennes & Mauritz (H&M) is planning to open its first store in India in 2014, announced the company in a statement Wednesday.

The introduction of H&M to India will be the latest in a series of important openings and the first store in India will be a flagship, Xinhua reported.

"We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential," said Karl-Johan Persson, CEO of H&M.

Apart from India, H&M will also open its first store in the Philippines and Australia in 2014.

H&M was founded in Sweden in 1947 and it is currently present in 53 markets worldwide with over 3,100 stores, employing over 116,000 people.

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