Three single-brand retail FDI proposals on FIPB agenda1 min read . Updated: 16 Oct 2012, 09:30 PM IST
Proposals by Brooks Brothers, Damiani, Pavers England will be taken up by the ministry on Friday
New Delhi: Proposals by America’s oldest clothing retailer Brooks Brothers and Italian jewellery major Damiani for direct investment in single-brand retail will be taken up by the finance ministry on Friday.
Also, the Foreign Investment Promotion Board (FIPB) headed by economic affairs secretary Arvind Mayaram, on 19 October will take up UK-based footwear giant Pavers England’s FDI proposal for single-brand retail sector.
Ever since the government liberalised the foreign direct investment policy to allow 100% FDI in single-brand retail in January, a large number of global retailers have expressed interest to set up stores in India.
Under the earlier regime of up to 51% FDI, India had managed to attract only about ₹ 200 crore worth of investment in the past three-and-a-half years in the segment.
Damiani India is seeking permission for single-brand retail business in collaboration with Damiani International, as per the FIPB. Recently, Damiani opened its first outlet in New Delhi.
However, details about Brooks Brothers proposal were not known immediately.
In June, Reliance Brands, a unit of Reliance Industries Ltd, had announced a joint venture with Brooks Brothers to set up the latter’s shops in India. Brooks Brothers will have 51% stake in the joint venture.
Brooks Brothers introduced the first ready-to-wear suits in 1845. Its flagship store is at Madison Avenue, New York City, a location it has held for almost a hundred years.
Pavers England has proposed to invest ₹ 100 crore to set up single-brand retail stores and plans to operate on its own in India.
At present the firm sells products through its Chennai-based master franchise Trident Retail in 23 exclusive stores across the country and also through Reliance Footprint and Lifestyle retail outlets. PTI