Swedish fashion retail chain Hennes & Mauritz (H&M) will open its first store in India this year, entering the country's single brand segment.
"The first store will be a flagship, and is planned to open in 2014," H&M said in a statement on its website.
H&M CEO Karl-Johan Persson said: "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."
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While the company did not elaborate on the investment and expansion plans, (H&M) had sought government permission to enter the single-brand retail segment in India with a proposed investment of 100 million euros to open 50 stores over a period of time.
India had allowed 100 per cent FDI in single brand retail in January 2012, raising the FDI cap from 51 per cent.
Since then, many companies have applied for permission to set up stores, with the biggest being IKEA's Rs 10,500 crore proposal to set up its furniture stores.
For H&M the entry to India will be the latest in a series of important openings.
The company said in 2014 that it will open its first store in the Philippines and Australia, showing H&M's commitment to providing fashion and quality at the best price.
H&M is currently present in 53 markets worldwide, with over 3,100 stores, employing over 1,16,000 people.
