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H&M to increase local sourcing as business grows: India CEO

Swedish fashion retailer Hennes & Mauritz (H&M), the first fashion label to open its single brand retail store in India through 100 percent foreign direct investment route, believes in "when in Rome do as the Romans do".

The company which got the FIBP nod in 2013, plans to invest over INR720 crore (INR7.2 billion, USD110.1 million) for 50 stores and opened its first store in Delhi last week.

Acknowledging that every country has its own unique challenges for doing business, Janne Einola, Chief Executive Officer, H&M Hennes & Mauritz Retail India, told BusinessLine "…You need to do business in a country, the way the country is built (laws are structured), while keeping your (company) values intact."

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