New Delhi: Swedish fashion retailer H&M's Country Manager for India and CEO, Janne Einola said that the difficult business environment in the country has hampered the company's expansion plans.
He said that number of regulatory obligations and the time and cost required delays operations and expansion decisions.
"Most probably we will see opening 100-plus stores in india, but what is the time span I don't know... The outlook, we thought it would grow faster as per the potential, but what is making slow is the local regulations, which is very costly, taking lot of time and is putting your expansion on bit slow mode," the Country Manager for Hennes & Maurtz Retail said.
"Its challenging," he said, adding, "it's these kind of small things, registrations, trade licences... its about, packaging, e-way bills, GST. Its a lot of about things which are taking time for getting everything into put in place. This is slowing down the expansion of course..."
He, however, is hopeful that the change in FDI norms of local sourcing among other steps by the government would help the business environment improve.