H&M to open debut store in India

H&M has announced that it will be opening a flagship store in India before the end of 2014. This will be its first location in the booming Asian economy, which is home to the world’s second largest population.

“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,” explained Karl-Johan Persson, the company’s CEO.

India has previously been seen as a difficult environment for foreign brands, but the country’s continued economic growth and loosening legislation governing foreign investment have improved the situation and recently attracted luxury players like Brooks Brothers and Hermès. The Richemont group (home of jewelers Cartier and Van Cleef & Arpels) is also looking to open in the country, according to a Reuters report published last month. 

This year H&M will also be opening debut stores in the Philippines and Australia. The brand is currently operating in 53 markets around the globe, with 3,100 international stores.