Swedish fashion retailer Hennes & Mauritz (H&M) which has plans to invest 100 million Euros (about Rs 700 crore), also said it sees “a great potential for future growth in the online space” in India.
“We do see India as an important part of our global expansion. We aim to grow with our business concept of ‘fashion and quality at the best price’ in a sustainable way,” country manager for H&M Hennes & Mauritz Retail, India, Janne Einola said.
The chain has opened four stores in India and plans to add four more this year.
About the company’s network expansion strategy, he said: “At H&M we believe there is a lot of room for growth and we do not limit our selves only to metros, we are constantly looking at new possible markets to open in.
About e-commerce in India, he said: “Online shopping is a natural expansion of our business. We see a great potential for future growth in the online space.”
However, H&M would focus on brick and mortar retail store format for the moment, he added.
The company, which operates 3,900 stores in 61 countries, sees India as an important part of its global expansion drive.