Uniqlo & H&M stores in India soon

The global fashion retailers, Uniqlo and H&M could be the next big retailers marking their entry in to the Indian market via FDI. The two soon plan to open up stores in the Indian market as they divert some investments towards their strategy for India, though they are still sceptical about the high and wary real estate prices.

The two biggies are said to have been in talks with DLF Ltd for opening up their store at DLF’s 1.8 million sq ft Mall of India in Noida Sector 18 which. The mall is all set to open in six months time.

H&M is likely to open a two floored store spread across 30,000 sq ft area while Uniqlo eyes anchor space in the mall.

The two retailers are yet to receive approvals to their FDI proposals.

H&M, known for affordable fashion, had submitted a proposal of Rs 700 crore foreign direct investment (FDI) last month and plans 50 stores in the country.

Uniqlo, on the other hand, is anticipated to enter through a JV with Arvind Brands.

The Indian apparel and fashion market is all set to grow. According to a report by Boston Consulting Group in 2012, consumers are expected to spend 3.8 times more on apparel, taking the consumption to $225 billion in India over the next seven-eight years.