H&M to open first store in India this year, OZ and PHL soon

Hennes & Mauritz (H&M) will open its first store in India this year, as the world's 2nd-biggest fashion retailer becomes the latest to take advantage of the opening of Asia's 3rd-largest economy to foreign operators.

H&M, which said last year it plans to spend around $137 million on an initial 50 stores in India, received final approval in December from the Indian government to invest in the country.

"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," said Karl-Johan Persson, CEO of H&M.

H&M has not yet decided where the first store will be opened and is looking at several big cities and locations, but can act fast now it has government approval.

H&M said last month it planned to open 375 new stores worldwide in 2014, including 80-90 in China. It also plans to enter Australia and the Philippines this year.