H&M franchise cost in India can vary significantly depending on several factors, including:

• Location: Identifying potential spaces in large cities such as Mumbai, Delhi, and Bengaluru will be much costlier than comparatively smaller cities.
• Size of the store: Superstores have large fixed investment in fixed facilities, stocks and employees as compared to satellite stores.
• Interior design and fit-out: The extent of customization and the finishings are bound to vary and this will also put a toll on the price.
• Equipment and technology: Certain requirements for business functioning including POS systems, security system and fitting rooms will also be included in the expenses.
• Inventory: It therefore follows that the initial investment put in inventory will depend on the size of the store, and the types of products to be stocked.
• Marketing and advertising: Expenses which are part of marketing the brand and making the customers aware will also form part of the equation.
• Legal and regulatory fees: It may be expensive to for permits and license.
• Staffing: The costing of employees’ salaries and benefits will be dependent on the number of employees needed and the general market price within the area of operation.
• Franchise fees: Another point that could be expected is that H&M is likely to include a franchise fee into the agreement. This fee can either be a lump-sum fee or a fee-on-volume of sales done throughout the year.
• Royalties: Another variation is the use of royalties and these maybe set at a per unit or percentage of the sales done by H&M.

Although the actual details could not be made public, the potential total investment for a H & M franchise cost in India could be in the figure of few crores to tens of crores. 

Nevertheless, the above-stated amount should be considered as approximate since the final cost may be higher or lower. A more comprehensive research about investment might also be accomplished by consulting to H&M as they are able to provide a closer figure.

Here are some key factors to consider when evaluating the cost of a H&M franchise in India:

• Return on investment: Estimate its financial feasibility, or revenue that the franchise may generate and how long it would take to break even.
• Market research: It is important to know the number of individuals who would wear the products from H&M by conducting a market analysis of the area you intend to target.
• Financial planning: Develop a clear financial plan that will give the expected expense, income and profitability.
• Franchise agreement: It involves the following: The franchise agreement: The franchisee has to take time to read the terms and conditions of the franchise agreement so that he can have a clear understanding of the fees that he has to pay, the royalties that he needs to pay, and he has to know all the obligations required of him.
• Support from H&M: Estimate the extent to which you believe H&M supports and trains the franchisees.

Thus, taking the above stated factors into consideration, you will be in a good position to decide whether to invest in a H&M franchise or not.