H&M To Launch Its First Store In India
H&M, the world’s No. 2 fashion retailer, which is famed for its Zara brand, is readying to open a 25,000 sq ft store in south Delhi’s Select Citywalk Mall on the Gandhi Jayanti day, October two to mark the birthday of Mahatma Gandhi.
The company said in a statement that it plans to organise musical events to roll out its first store in India and it will offer its limited edition H&M India tote bag to the first 1,000 customers in queue, while the first three shoppers in queue on opening day will receive gift cards of Rs 15,000, Rs 10,000 and Rs 7,500 respectively.
H&M had in December 2013 received approval from the Foreign Investment Promotion Board to invest Rs 720 crore in India, becoming one of the biggest foreign investors in single brand retailing in the country.
Another Swedish single brand retailer IKEA is also planning to invest Rs 10,500 crore in India to open 25 home products and furnishing stores in the coming years.
Malls in India consider H&M to be a coveted brand that they want to have in their shopping centres. Select Citywalk relocated its once anchor tenant Pantaloons department store from its 20,000 sq ft space to an 8,000 sq ft space on the upper floor to make way for H&M.
The company has also plans to open 50 stores in India to tap into the country’s growing demand for global fashion labels. Rival Zara, which entered India in a partnership with the Tata Group, is already a rage in the country. In recent years, a host of foreign labels including Gap, Forever 21 and Massimo Dutti have entered India.
Meanwhile, City Walk mall will keep its doors open through the previous night for eager fans to queue up outside the shop to get their hands on the world’s second largest clothing brand’s merchandise first.
“This will be the first time we are keeping our mall open throughout the night and are giving them full support,” Yogeshwar Sharma, director at Select City Walk, said.
The Swedish retailer plans to organise musical events to create a festive atmosphere on the opening day.