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H&M gets green light to invest $115 million in India

Staff writer ▼ | December 3, 2013
Swedish retailer Hennes & Mauritz (H&M) has received final approval from India's Foreign Investment Promotion Board (FIPB) to invest $115.2 million in the country, according to a government statement.
Hennes & Mauritz
Hennes & MauritzSwedish retailer Hennes & Mauritz (H&M) has received final approval from India's Foreign Investment Promotion Board (FIPB) to invest $115.2 million in the country, according to a government statement.


The world's second biggest fashion retailer said in April this year it plans to open 50 stores in India, hoping a growing population and rising incomes in Asia's third-largest economy would fuel demand for its fast-changing fashions. The government approval will allow the company to set up a wholly-owned subsidiary in the country, the statement added.

The company has 3,000 stores are spread across 53 markets worldwide. Hennes & Mauritz uses organic cotton and compan'y suppliers must comply with thel principles and standards for organic farming, and the applicable standards (EC 834/2007 and NOP) do not allow the cotton to be grown using genetically modified organisms (GMOs). Through short films, more than 570,000 workers in Bangladesh have received training on their rights at work since 2008.


 

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