 "We want to be a pan India chain: H&M India Head")
What has been the response to your stores so far?
Response has been good so far and as per our expectations. We believe Indian market has a great potential and since Indian shoppers have high knowledge of western-wear, we expect to do well here.
Your competition like Zara have had an early start. How will you catch up with them?
Yes, some of our competition have started early. But we came at the right moment. We entered after the Indian government relaxed norms and allowed 100 per cent FDI in single brand retail. Our business model is working here and we aim to grow further. We have seven stores now and will take it to 12 by the end of the year. We will soon open the first high street store in Connaught Place in Delhi soon.
What changes have you made to your merchandise to Indianise your offerings?
Nothing. We sell exactly the same products we sell across the world.
In India, you follow an import model. How will you replenish your merchandise fast?
We have a warehouse in India and we can replenish goods fast from there. India is part of our global supply chain and we source from there. Globally, we source 80 per cent of our products from Asia and it will help Indian operations.
Can you share your growth numbers for Indian market?
No, I can't comment on that.
What is your vision for the Indian market?
Our aim is to be a pan Indian player with high fashion quotient and great prices. Globally, we open 10-15 per cent more stores and we believe India can meet that bench mark.
You asked for longer rent free periods and asked for investment from mall developers. People say you are squeezing developers. Your comment?
I dont want to comment on that. But we have had good co-operation from developers.